MIL-OSI New Zealand: Family Tax Credit Bill passed

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Source: New Zealand Inland Revenue Department – Press Release/Statement:

Headline: Family Tax Credit Bill passed

The Taxation (COVID-19 Support Payments and Working for Families Tax Credits) Bill, introduced on 23 November, passed through all stages in the House last night. The Bill:

  • increases the Family Tax Credit by almost $15 per week for the eldest child in a family and around $13 per week for subsequent children from 1 April 2022
  • provides for a scheduled CPI indexed increase to Best Start from $60 to $65 per week from 1 April 2022
  • increases the abatement rate for the Family Tax Credit and the In-Work Tax Credit from 25 percent to 27 percent from 1 April 2022
  • increases the Minimum Family Tax Credit threshold from $31,096 to $32,864 from 1 April 2022, and
  • removes the requirement for a change in Alert levels for activating the Resurgence Support payment under the new COVID-19 Protection Framework.

The new legislation now awaits enactment. For more information, see the Minister of Revenue’s media statement.

MIL OSI New Zealand News