minimum family tax credit tagged posts
November 19, 2014 New Zealand Taxation
Low income families will receive some extra financial support next year, as the limit on available tax credits is raised to account for inflation.
On November 17th the Inland revenue Department issued a new statement showing that on April 1st 2015 the level of the minimum family tax credit will rise next year.
Currently the minimum family tax credit is set at NZD 22 776 per year, which will be raised to NZD 23 036 next year.
The new limit on the tax credit scheme is intended to take into account the effects that inflation levels will have on the financial well-being of the families benefiting from the system.
The minimum family tax credit scheme provides low-incomes families or single parents in paid employment with a guaranteed minimum income each week, if the amount they earn each year...Read More
November 25, 2009 New Zealand Taxation
Changes were announced on November 24th to both the New Zealand minimum family tax credit and fringe benefit tax (FBT) on low-interest employment related loans.
According to a statement by Peter Dunne, New Zealand Revenue Minister, low-income families who are eligible for minimum family tax credits, will see a small rise in their received amount on April 1st 2010. Explaining the change, Peter Dunne said “The minimum family tax credit provides a guaranteed minimum family income to families who are in work. It currently guarantees recipients a net income of $20,540 a year. This will rise to $20,800 from 1 April 2010”. The tax credit aims at making sure that eligible families are at a net gain from entering the workforce...Read More