NZ Family Tax Credit 2024 – New Zealand FTC Eligibility & Benefits!

By Niks

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NZ Family Tax Credit

The New Zealand Family Tax Credit (FTC), effective from April 1, 2024, provides financial support to eligible families. It ensures that low-income families receive a minimum weekly income of $677. To qualify, you must work at least 20 hours per week as single parents or 30 hours combined as two-parent families. 

NZ Family Tax Credit 2024

The NZ Family Tax Credit is a financial assistance program provided by the New Zealand government to support families with dependent children. The FTC is a payment provided to families based on their annual family income after tax.

To be eligible, your family income must fall below certain thresholds. The credit aims to top up your family’s after-tax weekly income to at least $677 from April 1, 2024. Remember, the NZ Family Tax Credit aims to alleviate financial strain and enhance the well-being of families.

NZ Super Payment Dates 2024

 This payment helps mitigate the impact of rising inflation and living costs for low-income households. The FTC ensures that working families remain financially better off than if they were on a main benefit.

Who is eligible for the NZ Family Tax Credit 2024?

You qualify for the Working for Families tax credit if:

  • You have dependent children under 18 years old (or between 18 and 19 and still in school or tertiary study).
  • You serve as the principal caregiver.
  • You are 16 years of age or older.
  • You are a New Zealand resident (citizen, residence visa holder, or permanent residence visa holder).
  • You must be working for a salary or wages (not self-employed).
  • In a two-parent family, one or both parents must work at least 30 hours per week combined.
  • A single parent must work at least 20 hours per week.
  • Families who receive an income-tested benefit, a parent’s allowance, or a children’s pension from Veterans Affairs New Zealand do not qualify for the minimum family tax credit.
  • The income limit for the New Zealand Family Tax Credit in 2024 is less than $35,204 annually after tax. This credit ensures that your family’s after-tax weekly income is at least $677 starting from April 1, 2024.

How much does NZ Family Tax Credit 2024 provide? 

The NZ Family Tax Credit provides financial assistance to eligible families. The amount of credit you receive depends on various factors, including your family income and the number of dependent children. Here are the key factors that contribute to the NZ Family Tax Credit 2024 payment:

  • The number of dependent children you have (those under 18 for whom you are financially responsible).
  • Your overall family income, including interest, dividends, and income from your children.
  • The weekly hours worked by you and your partner.
  • The nature of your income (wages, self-employment, or benefits).

An estimator for the calculation of this amount is available at https://www.ird.govt.nz/topics/working-for-families/can-i-get-working-for-families. Remember that these guidelines are general, and individual circumstances may vary. 

What are the minimum working hours to get the NZ Family Tax Credit 2024?

To qualify for the minimum family tax credit, you need to work a specified number of hours each week for salary or wages.

  • Single parents are required to work a minimum of 20 hours per week to qualify for certain benefits.
  • In families with two parents, either one or both must work a combined minimum of 30 hours weekly to meet eligibility criteria.

If you work fewer hours than the minimum requirement in any given week, you won’t be eligible for certain benefits. Even if you’re self-employed, you must still meet the minimum work hours in salary or wage employment to qualify for the minimum family tax credit.

How can I get the NZ Family Tax Credit 2024?

The step-by-step guide on how to apply for the New Zealand Family Tax Credit in 2024 is available below.

  • Before applying, ensure that you meet the eligibility criteria which are based on household income, number of children, residency, etc.
  • Collect necessary documents, including:
    • Proof of identity (e.g., passport, birth certificate).
    • Details about your family income (including interest, dividends, and income from children).
    • Work hours for you and your partner.
  • Visit the official Inland Revenue website.
  • Log in to your myIR account (or create one if you don’t have it).
  • Navigate to the “Working for Families” section.
  • As accuracy matters, double-check your application details and upload any essential documents to complete the application process.
  • You can expect a notification from the Inland Revenue once your application is approved.
  • If eligible, the family tax credit will be paid directly into your bank account. Ensure your bank details are up-to-date in your myIR account.

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