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From 1 April 2018 the family tax credit rates for children aged 0 to 15 years will change so that they are same as the rates for children aged 16 to 18 years for the eldest child.

For subsequent child it will increase the tax credit rate for subsequent child aged 0 to 15 years will also change so that they are the same as the subsequent child rate for children aged 16-18 years.

So what does it all mean

According to treasury New Zealandaround 310,000 low to middle income families with children aged under 16 years old will receive more from Working for Families.

ANNUAL RATE

CURRENT

1 April 2018

Eldest child, 16-18

$5,303

$5,303

Eldest child, 0-15

$4,822

Subsequent child, 16-18

$4,745

$4,745

Subsequent child, 13-15

$3,822

Subsequent child, 0-12

$3,351

 

Contact us if you need assistance in claiming for working for families’ tax credits.

 

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