Dunne: Interest-free student loans for charity's volunteers
From 1 April this year, volunteers working for the charity Partners Relief and Development NZ may qualify for interest-free student loans while working for the organisation in overseas aid activities, Revenue Minister Peter Dunne announced today.
Borrowers must generally be present in New Zealand for six months to qualify for an interest-free loan. However, an exemption may be granted for certain borrowers who are overseas, including those who are working for free or for a token payment for a charitable organisation that has been accepted and "named" by Order in Council as a qualifying organisation.
"The provision recognises the special circumstances of these charities, their employees and the contribution they make through various activities that are not based on profit or remuneration," Mr Dunne said after the recent signing of the Order in Council.
Borrowers working overseas for any named charitable organisation must still apply to Inland Revenue to determine if they qualify for the interest write-off.
Mark Stewart - Press Secretary, Office of Hon Peter Dunne
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