Working for Families credit amounts rise

Press Release – New Zealand Government

16 March 2012 Media Statement Working for Families family tax credit and minimum family tax credit amounts rise Working for Families tax credits will increase from 1 April this year, Revenue Minister Peter Dunne announced today “This adjustment …Hon Peter Dunne Minister of Revenue Hon Paula Bennett Minister for Social Development

16 March 2012 Media Statement Working for Families family tax credit and minimum family tax credit amounts rise

Working for Families tax credits will increase from 1 April this year, Revenue Minister Peter Dunne announced today

“This adjustment will assist Families who are eligible for the WFF tax credits and compensate for cost of living increases over past year”, said Mr Dunne.

“These increases will make a real difference to families for whom every cent counts,” said Social Development Minister Paula Bennett.

From 1 April this year, families with children under 16 who qualify for the family tax credit will have their tax credit increased for inflation.

The annual family tax credit for: the first child under 16 increases from $4,578 to $4,822; a subsequent child under 13 increases from $3,182 to $3,351; and a subsequent child between 13 to 15 increases from $3,629 to $3,822.

Low-income families who qualify for the minimum family tax credit will additionally get more assistance. The minimum family tax credit ensures working families receive a minimum after-tax income that is more than would be received while on a welfare benefit.

The minimum family tax credit threshold will increase from an after-tax income of 22,204 to $22,568 on 1 April this year. This increase will mainly assist sole parent families who move off the Domestic Purposes Benefit.

“This provides a real incentive to move into work,” said Ms Bennett.

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