Date: 15th May 2018
Families on low-middle incomes with dependent children could see an increase in their Working for Families tax credit in future income tax returns. A higher payment rate and widening of the eligible income range is being introduced from 1 July 2018.
Working for Families Tax Credits (WFFTC) are payments designed for families with dependent children aged 18 or under.
There are four types of payments:
You may qualify for one or more, depending on your personal situation.
From 1 July 2018 new tax credit rates and thresholds will apply:
|Annual rate of family tax credit||1 April 2018||1 July 2018|
|Eldest child 16 to 18||$5,303||$5,878|
|Eldest child 0 to 15||$4,822|
|Next child 16 to 18||$4,745||$4,745|
|Next child 13 to 15||$3,822|
|Next child 0 to 12||$3,351|
|Working for Families abatement rate||22.5%||25%|
|Working for Families eligible income threshold||$36,350||$42,700|
If you’re an existing Working for Families customer and affected by the changes, you will receive a Notice of Entitlement in June telling you your new payment amount.
Please get in touch if you would like to know more about your eligibility or how the changes will affect your family.