Tax credit is a proficient way to save some extra bucks for the year. Tax credit for working family has been introduced in New Zealand in the year 2004. The purpose of introducing this act was to ensure that every family in NZ is having adequate income to support their families. If you are having children below 18 years and are solely depending on you, you can apply for a working family tax credits. A good tax agent in NZ will guide you the proper way to compute your annual tax.
Find here the criteria to avail the credit:
If you are a paid employee and you earn less than $70,000 pa you are eligible for this. You can also get pre-school, out of school, and recreation subsidies depending on the condition of your family. There are four types of payment methods.
If a family is having depending children and they are on paid employment then they are eligible to avail this benefit. The deduction will depend on the age of the children. Families with low income will get some money to upgrade their income up to the minimum income level.
Parents working 30 hrs a week or sole parent working 20 hrs a week are available for tax credits.
If your net family income is $22,568 or less and as parents you work 30 hrs a week, then you are eligible for the tax credit. The purpose of tax credit is to ensure that a family earns minimum $434 per week after paying the tax.
Parental tax credit of upto $150 in a week is paid for eight weeks after a new baby is born. This is done to assist the cost of a newborn, provided that you are availing paid paternal leave.
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