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Tax Facts - Working for Families Tax Credits

Working for Families tax credits are payments for families with dependent children aged 18 or under.

There are four different Working for Families Tax Credits:

  • Family tax credit – a payment for each child in the family
  • In-work tax credit – a payment for families where the parents have paid work for a required number of hours       
  • Minimum family tax credit – a payment to make sure families are getting a basic income where the parents are working the required number of hours for salary and wages
  • Best Start – a special payment for up to 3 years for children due or born on or after 1 July 2018

Inland Revenue administer the Working for Families tax credits, however taxpayers who receive an income-tested benefit will receive payments from Work and Income.

For more information just give us a call or visit the IRD website.

 

Supplied by CCH Business Fitness NZ

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