Minimum family tax credit to rise next year
Hon Todd McClay
Minister of
Revenue
17 November 2014 Media
Statement
Minimum family tax credit to rise next year
Revenue Minister Todd McClay says working families who are eligible for the minimum family tax credit will receive a small increase from 1 April next year.
The tax credit currently guarantees recipients an after-tax income of $22,776 per year. This will increase to $23,036 per year from 1 April 2015.
“The minimum family tax credit provides a guaranteed minimum family income to families who are in work, and helps support them in moving off a benefit and into paid employment,” says Mr McClay.
The increase, which takes into account rises in inflation, was approved by Order in Council today.