Working for Families was introduced in 2004. It is designed to ensure that all New Zealand families have adequate income, and to support parents who are in paid employment. If you have dependant children of 18 years or under (dependant means they are supported by you, and are not in paid employment), you may be eligible for Working for Families tax credits, particularly if you are in a lower income bracket. Whether you are in paid employment or on a

Income tax is imposed by governments on income created by all individuals who come within the law of that country. Income tax includes almost everything a person earns – salaries, dividends on investments, savings accounts, rents, etc. A monthly payment for professionals like lawyers, doctors and authors is also included under the ambit of income tax. The money raised by collecting income tax is used by governments for public welfare activities and for offering citizens better services. The income tax

There is a package provided by Work and Income and the Inland Revenue Department available to working parents, which comes under the banner of “Working for Families.” Working for Families is a package designed to help make it easier to work while raising a family. The Working for Families package is available for almost all families with children with income less than $70,000 a year, and some larger families earning above $70,000 may also be eligible. There are 4 tax

A huge number of people don’t realise that they could be entitled to a New Zealand tax refund. Indeed, millions of dollars are lost to the government each year in overpaid tax. Whether you investigate yourself or employ the services of a tax agent, always check what you are rightfully entitled to or you could be paying too much tax. Here’s how: Could you be entitled to a tax refund? There are a number of reasons for which you could

Have you been retired for a decade or more and wonder if your retirement funds are sufficient? Are you finding your money is buying less or are you able to afford more luxuries? This article looks at retirement income compared to a decade ago. These questions are quite hard to answer in a general way, as everybody’s situation will be different. Retirement income may come from New Zealand Superannuation, invested money or bonds, rental properties, employer retirement schemes and, more

What has changed in the last decade on income tax? Income tax rates in New Zealand are in a constant state of change. These changes occur often and regularly, due to changes to shifting financial climates as well as the changing policies of Governments. Changes to income tax rates are not usually wholesale changes or paradigm shifts, but more small changes from year to year that affect every single wage earner in New Zealand. The changes to income tax also