New Zealand Government Announces Changes to Working for Families Table 2024
The New Zealand Government has recently made essential changes to the Working for Families Table 2024, which includes Tax Credit Dates, Payment Dates, Eligibility, and Amount. The Working for Families program is designed to financially assist families with raising children by providing working tax credit payments based on specific criteria required by the Income Tax Act.
The changes to the Working for Families Table 2024 are intended to address inflation and rising living costs that many New Zealanders are currently facing. The table includes four types of payment for which assistance is offered by notice of entitlement. It provides family tax credit payments based on dependent recipients’ number and care arrangements.
The New Zealand Government has increased the Working for Families tax by $8 per week, which will take effect from April 1, 2024. The family’s tax credit has also been increased from $136 to $144 per week for the eldest child, and for subsequent children, the credit has been increased from $111 to $117 per week. The Best Start for the credit has also been raised from $69 to $73 per week after tax.
Tax Credit Dates are weekly payments paid regardless of an individual’s source of income. Beneficiaries of the tax credit receive their financial help and support as weekly payments, which are worked out based on individual income for the year. Payment options include weekly, fortnightly, or as a lump sum for a whole year.
Working for Families Payment Date is a federal weekly payment regardless of the individual source of income. Eligible New Zealanders are offered financial assistance based on the Working for Families Table, which contains weekly and yearly family income thresholds and payment assistance according to the number of children. Eligible beneficiaries receive their payment every week, and to receive the payment, the recipient must file their income tax return.
To be eligible for Working for Families assistance, families must meet specific criteria, including caring for at least one child under the age of 18 years who is dependent on them, being over the age of 16 years, and being a New Zealand taxation resident and living in NZ, or having children under their care who are NZ residents and living in NZ.
The Working for Families Table changes will provide much-needed financial relief to New Zealand families. The increased tax credits and payments will help families cover the rising cost of living and provide much-needed support for raising children. Families can check the Working for Families Table on the leading Working for Families NZ portal for more information about the Working for Families program.
