Tax Credits for Families

New Zealand does not operate a universal child benefit payment, but low to middle income families may qualify for tax credits under the Working for Families package, administered by the IRD. 

Your entitlement is based on the number of children in your family and how old they are, and your family income. Families with several children and an income of up to $100,000 may be eligible. 

 Though referred to as tax credits, payments are either made weekly or fortnightly into your bank account, or as a "catch-up" payment at the end of the tax year. It is important to let the IRD know of any changes to your circumstances through the year, as this can change the payments, and you will be required to repay any overpayments. 

For more information, see the IRD Web site http://www.ird.govt.nz/wff-tax-credits/ 

This article was supplied by Broadbase International Ltd (www.broadbaseinternational.com). Information contained in this article is of a general nature and is not intended as a substitute for professional advice based on your individual circumstances. Disclosure statements are available on request and free of charge.