Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Tax bill provides vital support for families

11/24/2021 | 03:40pm EST

A boost to Working for Families tax credits, as part of a package of financial support that will see 346,000 families better off, has been passed into law late last night.

Revenue Minister David Parker said the measures would lift the incomes of those receiving the Family Tax Credit, the Best Start Tax Credit and the Minimum Family Tax credit.

"People receiving the Family Tax Credit will be better off by almost $15 a week for the eldest child in a family and around $13 a week for subsequent children. In addition, the Best Start Tax Credit will increase from $60 to $65 per week, while the Minimum Family Tax Credit will increase by approximately $34 per week," David Parker said.

The Taxation (COVID-19 Support Payments and Working for Families Tax Credits) Actwillalso increase the abatement rate for the Family Tax Credit and the In-Work Tax Credit to ensure support is targeted to lower-income families, who need it most.

"This change will mean that those with family income of less than $40,000 benefit the most, with an average increase of $26 a week," he said.

The legislation also introduces a new COVID-19 Support Payment Framework to ensure that future COVID-19 support payments schemes are more flexible and are no longer dependant on a change to Alert levels to trigger them.

"Because we're going to be shifting from the Alert Level Framework to the COVID-19 Protection Framework, the rules governing how and when COVID-19 support payment schemes can be activated must also be adapted to ensure this support can continue to be available for businesses, if required," David Parker said.

The Working for Families increases, announced by Prime Minister Jacinda Ardern earlier this month, will apply from 1 April 2022.


New Zealand Government published this content on 25 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 20:39:03 UTC.

ę Publicnow 2021
Latest news "Companies"
09:04aELRINGKLINGER AG : Deutsche Bank sticks Neutral
09:04aDAIMLER AG : Gets a Buy rating from Deutsche Bank
09:04aSORRENTO THERAPEUTICS, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)
09:04aNew Conning Survey Shows a Significant Jump in ESG Investing Engagement Among U.S. Insurers
09:04aCandy Digital Launches MLB Secondary Marketplace
09:04aThe ‘Workforce of the Future' Wants Stable Retirement Income, Earlier Retirement and Would Quit Before Going Back to the Office, Allspring Global Investments Survey Finds
09:04aCyrusOne Inc. Announces Execution of Definitive Agreement to Divest Houston Assets
09:04aBMW : Deutsche Bank remains its Buy rating
09:04aBrightPlan Unveils Strategy and New Solutions to Address Top Business and HR Challenges
09:04aStanford Health Care Selects HeartVista's MRI Automation Platform to Deliver Rapid, AI-Powered Cardiac Scans
Latest news "Companies"