With the cost of living rising, we understand that it can sometimes be a stretch to provide for your family. Did you know that there are payments that may be available to you, to help with the costs of raising your kids and whānau. This includes support for newborns and caregivers of children who have come into your care.
Below is an overview of the support that may be available for you and your whānau including;
Working for families payment
Working for Families Tax Credits are payments for families with dependent children aged 18 and under. You are entitled to payments up until a child turns 18.
Working for Families payments
There are 4 types of Working for Families tax credit payments.
Family tax credit
Paid regardless of your income source. You can be on salary and wages or receiving an income-tested benefit.
In-work tax credit
This is a payment available for families who have some income from paid work each week.
Minimum family tax credit
A payment to make sure families are getting basic income where the parents or parents work a required number of hours for salary and wages.
Eligibility
- have a dependent child or children in your care under the age of 18, or between 18 and 19 and still at school or in tertiary study
- be the principal caregiver
- be aged 16 or older
- meet the residency requirement that you must be a New Zealand resident and tax resident and have been in New Zealand continuously for at least 12 months at any time, including when you apply for your payments.
The amount of Tax credits you can receive from you working for families payment is dependent on how many children you have and what your annual family income is. Find a chart here to estimate your eligible Working for Families Tax Credits
If you want us to check if you’re eligible for the other types of Working for Families payments, get in touch with your Walker Wayland Accountant to find out your eligibility.
Child Support
Being eligible for child support depends on:
- whether your children qualify for child support
- whether the other parent, or both parents if applying as a non-parent carer, can be made liable
- the amount of care you provide.
Types of child support
There are 3 different ways to set up child support in New Zealand.
Formula assessment
You apply and we decide the amount and manage the payments. If you’re on a sole parent rate of benefit or Unsupported Child’s Benefit, you’ll need to apply for a formula assessment.
Voluntary agreement
You decide the amount, register the agreement with us and we manage the payments.
Private agreement
You decide the amount and manage the payments.
What you need to do to set up your child support will depend on the option you choose.
Choosing a type of child support
If you have any questions about the information above, get in contact with your Walker Wayland Accountant.
