Some Tax Stuff!!!

Date: 22nd March 2012

Working For Families: From April 1 2012 many of the small changes to Working For Families signalled last year come into effect:

§ The family tax credit amount for children under 16 will rise for inflation:

Qualifying Child

Current amount

New amount

First child if under 16

$4,578

$4,822

Second child if under 13

$3,182

$3,351

Second child if 13 – 15

$3,629

$3,822

§ The net income level guaranteed by the minimum family tax credit will rise from $22,204 to $22,568

§ The abatement rate will increase from 20 cents to 21.25 cents in the dollar

§ The abatement threshold will decrease from $36,827 to $36,350

KiwiSaver: As of 1 April 2012 employer contributions will no longer be tax free. Employer Superannuation Contribution Tax will apply at the employee’s marginal tax rate.


Minimum wage:
As of 1 April 2012 the minimum wage will increase from $13.00 per hour to $13.50 per hour.

Training and new entrants’ minimum wages will increase from $10.40 to $10.80 – 80% of the adult minimum wage.



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