Child tax rebate more than doubled
The number of children required to pay tax will be reduced from next April when the child tax rebate is increased from $156 a year to $351, Revenue Minister Michael Cullen announced today.
The change, which will be included in the next tax bill, will increase the amount of income, excluding interest and dividends, that a child can earn tax free from $1040 to $2340 a year and could benefit up to 30,000 children.
Dr Cullen said cost to the government was estimated at $7.2 million a year.
The rebate was last adjusted in 1983.
Contact: Patricia Herbert [press secretary] 04-471-9412 or 021-270-9013. E-mail: [email protected]