ARTICLES > Working for Families – you may be eligible for some help
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Working for Families – you may be eligible for some help What used to be called family support is now called Working for Families and the money you get is called Family Tax Credits.If you have children under the age of 18 you may be eligible for Working for Families Tax Credits. Working for Families Tax Credits are made up of four types of payments: Family Tax Credits This is a payment for each of your dependent children under the age of 18. The amount you receive will depend on your income and the number of children under 18 that you have. Family Tax Credits are paid by Work and Income when the family’s main source of income is a benefit, and by Inland Revenue when the main source of income is from work, a student allowance or New Zealand Super. In-Work Tax Credits  This is a payment to working families with children. It pays up to $60 per week per family with three children, and up to an extra $15 a week for each other child. To qualify, couples must normally work 30 hours a week or more between them, and sole-parents must normally work 20 hours a week or more. In-Work Tax Credits are not available to families receiving an income-tested benefit or student allowance. Minimum Family Tax Credit This is a payment for families working for salary or wages earning up to $24,493 a year before tax. It ensures families have a minimum income of $395 a week after tax. The Minimum Family Tax Credit is paid by Inland Revenue. Parental Tax Credit. This is a payment for families to help meet the costs that come with having a new baby. The payment is for the first 56 days (or 8 weeks) after your baby is born. The amount received depends on your family income and you can receive up to $1,200. You entitlement may be affected if you receive ACC payments, a benefit, a Student Allowance or New Zealand Super during the 56 day period. Parental Tax Credit is paid by Inland Revenue. To find out more, visit www.workingforfamilies.govt.nz. The site has calculators to enable you to calculate your eligibility. Alternatively, you can contact Work and Income (0800 774 004), or Inland Revenue (0800 227 773). Helpful hint – you can receive payments fortnightly or monthly. However, many families who can make do on their weekly income choose to receive their payment in one lump sum at the end of each financial year. This way it becomes like a form of savings with a dividend paid out yearly. |
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