Family Income Package
The 2017 Budget was announced by Hon. Steven Joyce on Thursday the 25th May and contains a package of proposed tax cuts from 1 April 2018 for individuals and families including;
•Increasing the $14,000 income tax threshold to $22,000 and the $48,000 tax threshold to $52,000. This should provide a tax cut of $11 per week to people earning $22,000 or more, rising to $20 per week for people earning $52,000 or more.
•Discontinuing the Independent Earner Tax Credit (although those currently claiming this credit will be fully compensated through the tax threshold adjustments described above).
•Increasing Family Tax Credits rates for first children under 16 by $9 a week, and for each subsequent child under 16 by between $18 and $27 a week. The package will also increase the current abatement rate to 25% and reduce the abatement threshold to $35,000.
•Increasing the maximum amounts payable to households under the Accommodation Supplement.
•Increasing the weekly payments for the Accommodation Benefit for eligible Student Allowance recipients.
•Increasing the $14,000 income tax threshold to $22,000 and the $48,000 tax threshold to $52,000. This should provide a tax cut of $11 per week to people earning $22,000 or more, rising to $20 per week for people earning $52,000 or more.
•Discontinuing the Independent Earner Tax Credit (although those currently claiming this credit will be fully compensated through the tax threshold adjustments described above).
•Increasing Family Tax Credits rates for first children under 16 by $9 a week, and for each subsequent child under 16 by between $18 and $27 a week. The package will also increase the current abatement rate to 25% and reduce the abatement threshold to $35,000.
•Increasing the maximum amounts payable to households under the Accommodation Supplement.
•Increasing the weekly payments for the Accommodation Benefit for eligible Student Allowance recipients.
