Minimum family tax credit to rise next year

Revenue Minister Todd McClay says working families who are eligible for the minimum family tax credit will receive a small increase from 1 April next year.

The tax credit currently guarantees recipients an after-tax income of $22,776 per year. This will increase to $23,036 per year from 1 April 2015.

“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,” says Mr McClay.

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