Announcements
PUBLISHED 24 November 2009

Minimum family tax credit rises

The annual amount of the minimum family tax credit that guarantees a family's after-tax income rises from $20,540 to $20,800 from 1 April 2010. The increase was approved by Order in Council yesterday. For more information, see the media statement.


Hon Peter Dunne
Minister of Revenue

MEDIA STATEMENT

Dunne: Minimum family tax credit rate to rise

Low-income working families who are eligible for the minimum family tax credit will receive a small increase from 1 April next year, Revenue Minister Peter Dunne announced today.

"The minimum family tax credit helps support families moving off a benefit and into paid work. It ensures that these working families are better off as a result of being in the workforce.

"The minimum family tax credit provides a guaranteed minimum family income to families who are in work. It currently guarantees recipients a net income of $20,540 a year. This will rise to $20,800 from 1 April 2010.

"Around 2700 families were entitled to the tax credit for the tax year ended March 2009," Mr Dunne said.

The change to the minimum family tax credit, which takes into account the impact of rises in inflation on benefit rates, was approved by Order in Council yesterday.

Mark Stewart - Press Secretary, Office of Hon Peter Dunne
Cell +64 21 243 6985