Of course, personal circumstances always vary, so please ensure you contact us for specific advice.
Depreciation allows for the wear and tear on a fixed asset and must be deducted from your income.
You must claim depreciation on fixed assets used in your business that have a useful lifespan of more than 12 months. Not all fixed assets can be depreciated. Land is a common example of a fixed asset that cannot be depreciated. Also from 1 April 2011, depreciation allowances on most building structures cannot be claimed, however depreciation can still be claimed on a wide range of commercial and industrial building fit-out assets.
You will have to keep a fixed asset register to show assets you will be depreciating. This should show the depreciation claimed and adjusted tax value of each asset. The adjusted tax value is the asset's cost price, less all depreciation calculated since purchase.
There are two types of calculations you can use to calculate depreciation (diminishing and straight line) on your business fixed term assets. You do not have to use the same depreciation method for all your assets, but you must use whatever method you choose for an asset for the full year.
Based on the information available on the IRD website, herewith some further details on the depreciation methods.
The amount of depreciation is worked out on the adjusted tax value of the asset. This value is the original cost less any depreciation already claimed in previous years. If you are registered for GST the original cost price should not include GST you have already claimed in your GST return.
A car purchased in May 2014 has a depreciation rate of 30% diminishing value.
The cost (excluding GST) was $30,000.
Depreciation is calculated on the original cost price of the asset, and the same amount is claimed each year. If you are registered for GST, the cost excludes any GST you have already claimed in your GST return.
If the car in the example above is depreciated using the straight line method, the rate is 21%.
The GST-exclusive cost is $30,000, so the depreciation to claim each year is $6,300
$30,000 x 21% = $6,300
Low-value assets, that is, assets that cost $500 or less, are deductible in the year they are acquired or created provided:
• they are not purchased from the same supplier at the same time as other assets to which the same depreciation rate applies (unless the entire purchase costs $500 or less)
• the assets will not become part of an asset that is depreciable, for example, the cost of materials to build a wall in a factory
• they were purchased on or after 19 May 2005 (the threshold before 19 May 2005 was $200.00)
If you do not want to claim depreciation on an asset, and you want to avoid paying tax on depreciation recovered when that depreciation was not claimed, you must elect to treat the asset as not depreciable.
You need to advise the IRD if you are making an election by notifying them in your tax return (we will do that for you) for the income year when:
• you purchase your asset
• you change the use of your asset from non-business to business
• you elect not to depreciate an asset that you have never claimed depreciation on. The election of this asset will apply for each year after the asset was purchased.
The focus is on an asset-by-asset election on whether to depreciate each item or not. Once you have notified us of your election not to depreciate an asset you cannot claim depreciation on it in future years. An example of where you may not want to claim depreciation is where you work from home and you have a small area set aside for business purposes, such as an office.
The cost of software is a capital expense and must be depreciated. The cost includes paying for rights to use, purchasing upgrades and developing in-house packages.
To find out more on how to calculate depreciation on a business asset please give us a call or refer to the IRD Depreciation Rate Finder.
To view the depreciation rates and the methods for calculating depreciation, please refer to the IRD Depreciation Guide.
If you provide entertainment for staff or clients, some of these business entertainment expenses are tax deductible.
Some examples of fully deductible entertainment expenses are food and drink:
• while traveling on business
• at promotions open to the public
• at certain conferences.
Some other entertainment expenses are only 50% deductible. See the IRD’s booklet Entertainment expenses (IR268).
To support your claims for business entertainment expenses you should keep invoices and receipts.
Entertainment expenditure is limited to a 50% deduction if it falls within the following types:
• Corporate Boxes
• Holiday Accommodation
• Pleasure Craft
Food & Beverages consumed at any of the above or in other specific circumstances, for example:
• incidentally at any of the three types of entertainment above, eg, alcohol and food provided in a corporate box
• away from the taxpayer's business premises, such as a business lunch at a restaurant
• on the taxpayer's business premises at a party, reception, celebration meal, or other similar social function, such as a Christmas party for all staff, held on the business premises (excluding everyday meals provided at a staff cafeteria)
• at any event or function, on or away from your business premises for the purpose of staff morale or goodwill, such as a Friday night 'shout' at the pub
• in an area of the business premises reserved for use at the time by senior staff and not open to other staff, such as an executive dining room used to entertain clients.
Fringe Benefit Tax (FBT) is a tax on benefits that employees receive as a result of their employment, including those benefits provided through someone other than an employer.
If, as an employer you provide fringe benefits (perks) to your employees, shareholder-employees, or other people associated with your business, generally you must pay fringe benefit tax on the value of these benefits.
What are Fringe Benefits:
• provision of a motor vehicle for the private use of the employee. FBT is calculated on the availability rather than actual usage
• provision of a loan as a result of an employee's employment, that incurs less interest than the commercial rates available to another individual
• receiving goods and services because of the employee's position at favourable rates not available to non-employees
• subsidised transport resulting from employment
• contributions to funds, insurance and superannuation schemes.
Note that gifts, prizes and other goods are fringe benefits. If you pay for your employees' entertainment or private telecommunications use, these benefits may also be liable for fringe benefit tax.
The following exemptions are available on free, subsidised, or discounted goods and services.
For quarterly filers the exemption is $300 per employee per quarter or the maximum exemption is $22,500 per annum for all employees.
For annual and income year filers the exemption is $1,200 per employee per quarter or the maximum exemption is $22,500 per annum for all employees.
If you are liable for FBT, you must file regular FBT returns. These may be:
• for each quarter
• for the income year, or
If you choose an alternative filing option, eg from quarterly to annual or income year, you can:
• complete the online FBT election, or
• phone the IRD on 0800 377 772.
Note - For any type of FBT return, where fringe benefit tax is not paid by the due date, late payment penalties will be charged.
Refer to the IRD website for more information on how fringe benefit tax is applied and calculated on:
• Low interest loans
• Subsidised/discounted goods & services
• Employer contributions
If you would like further information on whether FBT is payable and how this is calculated just give us a call.
The government abolished gift duty for dispositions of property made on or after 1 October 2011. This means that:
• Gift duty will not be payable for dispositions of property made on or after 1 October 2011
• Gift statements will not need to be filed for dispositions of property made on or after 1 October 2011
• However, gift duty and gift statements will remain due for dispositions of property made prior to 1 October 2011
A gift is something given when:
• Nothing is received in return; or
• Something is received in return, but its value is less than the value of the property given.
If something of lesser value is given in return for a gift, the value of the gift is the difference between the two values.
These items can all be gifts:
• Transfers of any items (for example, company shares or land).
• Any form of payment.
• Creation of a trust.
• A forgiveness or reduction of debt.
• Allowing a debt to remain outstanding so that it can't be collected by normal legal action.
Gifts made to create a charitable trust, or for establishing any society or institution exclusively for charitable purposes, or any gift in aid of such trust, society, or institution are exempt from gift duty.
From 1 July 2008, that charitable trust, society or institution established exclusively for charitable purposes will need to be registered by the Charities Commission for the gift to be exempt from gift duty.
For gift duty on any gifts made before 1 October 2011, the IRD's guide on the IRD website is helpful.
For more information on gifting or gift duty please give us a call.
If a GST-registered person sells goods via the internet and the goods are physically supplied to a customer in New Zealand, GST is chargeable at 15%.
If goods are sold via the internet and physically supplied to customers overseas the sales can be zero-rated for GST purposes. It is important to prove the goods have been exported (entered for export by the supplier) and sufficient evidence should be held to prove the export.
If a GST-registered person sells digital products via the internet which are downloaded such as music, software or digital books, to a New Zealand customer they must charge 15% GST. (These products are treated as services for GST purposes).
If digital products are sold via the internet and downloaded by an overseas customer they can be zero-rated but it is important to prove that the products are "exported" otherwise GST must be charged.
Physical goods are exported overseas by the supplier. The customer is located overseas.
• Delivery evidence, for example, bill of lading showing export by sea, air waybill for export via air, packing list or delivery note showing overseas delivery address, insurance documents.
• Purchase order showing overseas delivery address.
Physical goods are exported overseas by the supplier. The customer is located in New Zealand at the time of purchase.
• Delivery evidence, for example, bill of lading showing export by sea, air waybill for export via air, packing list or delivery note showing overseas delivery address, insurance documents.
• Purchase order showing overseas delivery address.
Digital products are downloaded by a customer who is located overseas.
• The customer should make a declaration at the time of the transaction that they are located overseas and that the products will be used outside New Zealand. For example, "I declare that I am not in New Zealand at this time and will not be making use of this supply in New Zealand" and provide their name and full address.
• Evidence of payment received from overseas customer. Credit card information may be a guide as certain credit card number series may only be issued in New Zealand. However, this process is changing and is not entirely reliable.
• Email address may suggest that the customer is overseas but is not final proof as a New Zealand resident can obtain an overseas email address.
• Internet Protocol (IP) address of the customer - although this is not final proof that the customer is overseas.
Note: In this scenario, as can be seen from the above list, it is unlikely that only one form of information will prove that the customer is overseas. It is expected that a reasonable attempt would be made to confirm the customer is overseas to support zero-rating. For more information refer to the E-Commerce and GST section on the IRD website.
Goods and services tax (GST) is a tax on most goods and services in New Zealand, most imported goods, and certain imported services. GST is added to the price of taxable goods and services at a rate of 15%, but can be zero-rated for exports.
• Goods include all types of personal and real property, except money.
• Services covers everything other than goods or money, eg TV repairs, doctor's services and gardening services.
• Taxable goods and services are part of the business or taxable activity. This means you supply or receive taxable goods and services for a consideration (money, compensation, reward) but not necessarily for profit. We refer to taxable goods and services as "taxable supplies".
• goods and services supplied by businesses that aren'tﾠregistered for GST, and
• exempt supplies such as:
• letting or renting a dwelling for use as a private home
• interest you receive
• donated goods and services sold by a non-profit body
• certain financial services
• wages/salaries and most Directors Fees
GST registration is required if the annual turnover of the business for a 12-month period exceeds or is expected to exceed $60,000.ﾠ You can choose to register for GST even if your annual turnover it less than $60,000. This is referred to as voluntary registration.
Exception: You are not obliged to register for GST if your turnover exceeds $60,000 because you sell plant or other capital assets when you are:
• ceasing any taxable activity
• substantially or permanently reducing the scale of any taxable activity, or
• replacing the plant or assets.
GST returns can be filed monthly, bi-monthly or six monthly.ﾠ There are certain requirements for who must file monthly returns and who can file six monthly returns.ﾠIf your turnover exceeds $2,000,000 pa you cannot use the Payments basis option.
There are three methods of accounting for GST:
• Invoice Basis
• Payments Basis
• Hybrid Basis
If you are selling or are thinking of selling your products through your website please also refer to the section on GST and E-Commerce.
For more information on GST and how to register give us a call or visit the GST section of the IRD website.
KiwiSaver is a voluntary, long-term savings initiative and for many people, KiwiSaver will be work-based. It's designed to make it easy for people to maintain a regular savings pattern.
As an employer, you'll need to provide your employees with information about KiwiSaver, and their KiwiSaver contributions will come straight out of their pay.
KiwiSaver is a government initiative involving employers, KiwiSaver scheme providers and several government agencies. KiwiSaver is governed by various Acts including the KiwiSaver Act, passed in September 2006.
All New Zealand residents and people entitled to live here permanently up to the age of 65 are eligible for KiwiSaver. All new eligible employees must be automatically enrolled in KiwiSaver. However there are some employees who are exempt from automatic enrolment. These include:
• Those under 18 years of age
• Casual agricultural workers or Election Day workers
• Private domestic workers
• Casual and temporary employees employed under a contract of service that is 28 days or less
Employees who are automatically enrolled can opt out but must do so within a specified time (from the end of week 2 of their employment to the end of week 8) by filing the prescribed from (KS10).
All eligible existing employees can join the scheme at any time they wish by notifying their employer.
• make lump sum contributions through us or direct to their scheme provider
• change between the three contribution rates (3%, 4% or 8%) by advising you of their new contribution rate.
• change their contribution rate more frequently than every three months unless you agree.
If an employee does not select a rate on their KiwiSaver deduction form (KS2), make deductions at the default rate of 3%.
From 1 April 2008 it became compulsory for employers to contribute to their eligible employees' KiwiSaver scheme unless the employer is already paying into another registered superannuation scheme for the employee. This minimum compulsory contribution is now 3%, but the employer can opt to contribute more.
Employer contributions are subject to Employer Superannuation Contribution Tax (ESCT) on a progressive scale
For most people, KiwiSaver is a work-based savings plan, so employers play an important role. Employers:
• give new employees and other staff who are interested an Employee information pack (KS3)
• pass their employees' details to Inland Revenue to enable them to be enrolled
• deduct KiwiSaver contributions from employees' gross salary or wages
• make a compulsory employer contribution to their employee's KiwiSaver account or complying fund
• calculate and withhold any tax on employer contributions
• act on a new employee's request if they choose to opt out within the two to eight week opt-out timeframe
• stop deductions if Inland Revenue or their employee gives them the required notice.
The government also:
• Contributes $1,000 (tax free) when a member first joins
• Pays annual member tax credit (for those 18 and over) of up to $521.43 (effective from 1 July 2011)
• Funds first home deposit subsidy through Housing NZ if the relevant criteria are met
Note: There is no Crown guarantee of KiwiSaver schemes or investment products of KiwiSaver schemes.
A list of KiwiSaver providers is available at www.kiwisaver.govt.nz
We administer members' contributions mainly through the "pay as you earn" (PAYE) tax system. Our main responsibilities under KiwiSaver are to:
• receive member and employer contributions
• transfer contributions to the right KiwiSaver scheme provider for investment
• give employers information packs to pass on to employees
• allocate people who don't make a choice to default schemes
• administer requests for opt-outs and contributions holidays
• provide information to the public.
For more information on KiwiSaver and how this may apply to you give us a call or refer to the KiwiSaver for Employers information available on the IRD website.
PAYE (pay as you earn) is deducted from your employees' salary or wages, and paid to the IRD on their behalf. It includes income tax and ACC earners' levy. The amount of PAYE deducted depend on the employee’s tax code.
PAYE employees must complete a Tax code declaration (IR 330) as soon as they start working for their employer. If an employee fails to complete the tax code declaration, the PAYE must be deducted at the non-declaration rate of 45%.
The Weekly and fortnightly PAYE deduction tables (IR340) and Four-weekly and monthly PAYE deduction tables (IR341) are available online. These show you how much to deduct from each employee's pay based on your employee's tax code. Additionally there is an on-line pay by pay calculator too.
Employers must also file an employer monthly schedule (IR345 and IR348) with the IRD detailing each employee’s gross earnings and deductions. Employers with gross annual PAYE of $100,000 or more must file this schedule electronically with the IRD using the IRD's IR File system.
If you are a 'small employer' with gross annual PAYE deductions of up to $500,000, payments are made to the IRD on the 20th of the month following the deductions. The employer monthly schedule must also be filed by the 20th of that month.
If you are a 'large employer' with gross annual PAYE deductions over $500,000, the deductions made from payments made to employees between the: 1st and the 15th of the month are paid by the 20th of the same month.
16th and the end of the month are paid by the 5th of the following month (except for December payment to be made by 15 January). The employer monthly schedule must also be filed by the 5th of that month
For more information regarding PAYE or to register as an Employer either call us or visit the IRD website.
Provisional tax is not a separate tax but a way of paying your income tax as the income is received through the year. You pay instalments of income tax during the year, based on what you expect your tax bill to be. The amount of provisional tax you pay is then deducted from your tax bill at the end of the year.
• The number of instalments you are required to make depends on the way you choose to calculate your provisional tax instalments. If you're GST-registered, how often you file GST returns also determines how many provisional tax instalments you're required to make.
• The amount of provisional tax you need to pay is based on your expected profit for the year or your GST taxable supplies (sales) and depends on the way you choose to work out your provisional tax instalments.
At the end of the year you pay or are refunded the difference between the amount of provisional tax you paid and the amount you should have paid, based on your actual profit for the year.
If your residual income tax is $2,500 or more you will have to pay provisional tax for the following year. Residual income tax is basically the tax to pay after subtracting any rebates you are eligible for and any tax credits (excluding provisional tax). Residual income tax is clearly labelled in the tax calculation in your tax return.
There are three ways of working out your provisional tax. One is the standard option and the second one is the estimation option. If you are also registered for GST and meet the other eligibility criteria, the ratio option may be available to you as well (see below for more on the GST Ratio option).
The IRD automatically charges provisional tax using the standard option unless you choose the estimation or ratio options.
The standard option takes your residual income tax for the previous year and makes an adjustment. The calculation for the adjustment from the 2014 year is:
• your previous year's residual income tax with an uplift of 5% added
• if the previous year's income tax return has not been filed, it will be the year prior to the previous year with an uplift of 10% added
The due date and amount of instalments you need to make for payment of your provisional tax each year depends on your balance date, which of the above options you use and how often you pay GST (if registered).
If you have a 31 March balance date and use the standard or estimation option, provisional tax payments are due on:
• First instalment - 28 August
• Second instalment - 15 January
• Third instalment - 7 May
If you're registered for GST you pay your provisional tax and GST at the same time on a combined GST and provisional tax payment date.
If you have another balance date (ie your tax year ends before or after 31 March) you can work out your due dates with our Tax due date calculator.
To work out your provisional tax, you need to estimate your Residual Income Tax (RIT). When working out your income tax, please note:
• Under the estimation option, your provisional tax is paid in two or three equal instalments during the year (the same as the standard option).
• You will only be liable for provisional tax if this figure is greater than $2,500.
• To get the right tax rate:
• add up all your estimated income
• work out the tax on the total using the correct tax rate
• then subtract any tax credits (like PAYE).
• If your estimated RIT is lower than your actual RIT for that year, you'll be liable for interest on the underpaid amount.
You can estimate your provisional tax as many times as necessary up to and including your last instalment date. Each estimate must be fair and reasonable. As you can see, this is quite involved, and we suggest you really first have a chat with us if you seek to formally estimate your provisional tax.
If you are also registered for GST you are able to pay your provisional tax at the same time as your GST payments. You will be able to use the ratio option if:
• You've been in business and GST-registered for all of the previous tax year, and the tax year prior to that
• Your residual income tax for the previous year is greater than $2,500 and up to $150,000
• You are liable to file your GST returns every month or every two months
• The business you're operating is not a partnership
• Your ratio percentage that IRD calculates for you is between 0% and 100%
This method of paying provisional tax may not suit everyone. Solutions such as tax pooling can also be used to ease taxpayers' concerns and costs in calculating provisional tax. We suggest that you discuss your options with us.
In most circumstances you will be charged interest if the provisional tax you paid is less than your residual income tax. If the provisional tax you pay is more than your residual income tax, the IRD may pay you interest on the difference.
For further information on provisional tax give us a call or refer to the IRD website.
For New Zealand tax residents, the tax paid on resident passive income such as interest and dividends is RWT (resident withholding tax).
You may receive:
• interest with tax deducted and/or
• dividends with tax deducted (and/or tax credits attached).
Your bank or other financial institutions should deduct RWT from your interest due, before paying it to you.
If you have money in an interest bearing bank account you'll earn interest income on the money you keep in the account. When paying the interest, RWT will be deducted by your bank or other institution and sent to the IRD.
Dividends are a part of a company's profits that it passes on to its shareholders. Unit trusts are treated as companies for income tax purposes and unit trust distributions are treated as dividends.
A New Zealand company or unit trust may attach several types of credits to dividends.
"Imputation credits" are credits for part of the tax the company has already paid on its profits so the dividends aren't taxed twice.
"Payment for a foreign dividend" (formerly dividend withholding payment credits) are credits for tax the company paid on dividends it received from overseas.
There may also be RWT deducted from the dividend to bring the total tax credit up to 33%. Dividends from listed PIEs are not liable for RWT.
If you receive interest as income you need to:
• Provide the interest payer with your IRD number, and
• Elect the tax rate at which this is to be deducted by them
The RWT tax rate used will vary for individuals and different types of business entity.
For more information on RWT, the tax rate and how this tax applies to interest and dividends refer to the IRD website.
You may apply for a tax credit if you earn a taxable income and:
• have donated money to a charitable organisation, and/or
• have paid school fees.
You may qualify for a tax credit for:
• Donations made of $5 or more to an approved charity
• Donations made of $5 or more to state and state integrated schools (note donations do not include tuition fees, payment for voluntary school activities, payments for classes where there is a take-home component or payments for transport to or from school activities)
Fill in a Tax credit claim form (IR526) at the end of the tax year. The IRD will send you a form automatically if you claimed a tax credit in the previous year.
• From 1 April 2012 you can no longer claim tax credits for childcare or housekeeper payments.
• From 1 April 2014 you can only claim donation tax credits within a period of four years, following the year in which the gift was made.
The IRD will process your claim for a tax credit with the minimum of delay. You can help by attaching receipts for all of your donations and childcare and/or housekeeper payments and sending your Tax credit claim form 2014 (IR526) and income tax return at the same time if you are required to file an IR3 income tax return.
Please note that if you are required to file an IR3 for your self-employed or shareholders income the IRD will not process your tax credit until that return has been processed by the IRD, hence we suggest that it may be easier if you provide the tax credit details to us at the same time as your other income information and we can prepare the tax credit claim form at the same time.
You'll get a refund, unless you have arrears or have asked for it to be transferred to another account.
If your donations were made to an approved donee organisation through your employer's payroll giving scheme you can't use the IR526 for these donations. You have already received the tax credits for these at the time of your donation through the payroll.
You can claim a tax credit if you:
• earned taxable income (such as salary or wages, benefit, NZ Super, self-employed income, interest and dividends) during the year you're claiming for, and
• were resident in New Zealand at any time during that tax year, and
• are an individual (not a company, trust or partnership).
The total donations, childcare and/or housekeeper payments you claim cannot exceed your taxable income for the year. If they do, you can only claim donations and payments up to the amount of your taxable income.
You can claim the lesser of:
• 33% of the total donations you've made, or
• 33% of your taxable income.
You can claim the lesser of:
• 33% of the total payments you have made, or
• $310 ($940 x 33%), or
• 33% of your taxable income.
For further information regarding tax credits, visit the tax credits section of the IRD website.
This information relates solely to individuals and individual income tax.
There are other tax credits which have been introduced. Please contact our office for more information on these.
Taxpayers who do not meet their tax obligations may face penalty or interest charges. To avoid such charges, you should pay the full amount of tax you owe by the due date.
There are various types of penalties and charges imposed by the IRD, as follows:
Interest rules are generic across all taxes and duties. Two-way interest rules mean that IRD pays interest on overpayments and you are charged interest on tax that is underpaid.
The law requires you to file your tax returns by their due dates. If you don’t, you may have to pay a late filing penalty. If you receive a reminder to file your return or an account for a late filing penalty, file the outstanding return right away or let us know if you are not required to file a return.
If your taxes and duties are not paid by the due dates, you may have to pay a late payment penalty. If you're not in a position to make payment in full, you can contact the IRD to arrange to pay your tax in instalments. You can do this before or after the due date.
If you file your employer monthly schedule but don’t pay the amount calculated, you may have to pay a non-payment penalty as well as late payment penalties and interest.
A shortfall penalty is applied when the correct amount of tax is higher than the amount you paid (eg, because of an understatement of tax, or where the amount of a refund or loss is reduced). These penalties can be as high as 150% (for evasion) and may include imprisonment for serious instances of evasion.
The non-payment penalty is 10% of the amount outstanding. If you do not pay, a further 10% penalty will be added each month an amount remains outstanding.
When you pay the amount outstanding or enter into an instalment arrangement, the last 10% penalty imposed will reduce to 5%.
If you miss or short-pay your agreed monthly instalment amount, a 10% penalty will be charged.
Tax pooling through companies such as Tax Management NZ are available to ease the provisional tax cash-flow burden and reduce use of money interest.
For more information about tax pooling and your exposure to tax penalties, give us a call.
For more information about tax penalties refer to the IRD's Obligations, Interest & Penalties Guide.
Working for Families tax credits are available to families with dependent children aged 18 years or younger. It includes four different types of payments (tax credits). These are refundable, meaning that if the credits exceed the person's income tax liability they are able to be refunded to the taxpayer.
The types of payment and the amounts you can get depend on:
• how many dependent children you care for
• your total family income
• where your family income comes from
• the age of the children in your care, and
• any children you share care for.
All payments are made to an eligible parent to help with the family’s day to day living costs.
Work and Income generally pays your family tax credit if you receive an income-tested benefit as your main income.
Inland Revenue pays Working for Families Tax Credits if your main income is from working, a student allowance, NZ Super or ACC.
If you receive an income-tested benefit you can choose to receive your family tax credit from either Work and Income or Inland Revenue.
• Family tax credit – credits of tax paid for each dependent child
• In-work tax credit – available to couples who work at least 30 hours a week between them and to sole parents who work at least 20 hours a week
• Parental tax credit – available to working families with a new-born child who do not receive paid parental leave or income-tested benefits
• Minimum family tax credit – this credit ensures a minimum annual family income for those families falling below the threshold
(note – you may be entitled to more than one of these payments)
For more information just give us a call or visit the IRD website.