Family tax credit to increase
Monday, 13 November 2006, 2:42 pm
Press Release: New Zealand Government
Family tax credit to increase
Low-income working families
will be eligible for an increase in their family tax credit
from 1 April next year, Revenue Minister Peter Dunne
announced today.
“The family tax credit tops up the
after-tax income of working families,” Mr Dunne said.
“It is an extra payment to ensure that the after-tax
income of those families does not fall below a certain
income level. At present, the family tax credit guarantees
recipients a net income of $17,680 a year. That will rise
to $18,044 from 1 April 2007.
“The family tax credit is
there to support families moving off a benefit and into paid
work, and to ensure that people who do paid work are better
off as a result of being in the workforce.
“As of August
this year, the family tax credit was being paid to about
2,500 families, over 80 percent of whom were sole parent
families,” Mr Dunne said.
The change to the family tax
credit was approved by Order in Council
today.
Ends
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