New Working for Families Changes
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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