FINANCE

Minimum family tax credit to rise next year

Wednesday 24 October 2012, 5:45PM
By Peter Dunne
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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 tax credit currently provides recipients an after-tax income of $22,568 a year. This will increase to $22,724 a year from 1 April 2013,” Mr Dunne said.

The minimum family tax credit provides a guaranteed minimum family income to families who are in work and helps support them in moving off a benefit and into paid employment.

The increase, which takes into account rises in inflation, was approved by Order in Council this week.