- 7 May - PAYE (5th on weekend)
- 7 May - GST, Prov Tax
- 21 May - PAYE, RWT, N-RWT (20th on weekend)
- 28 May - GST, Prov Tax
- 31 May - RWT, FBT
Working for Families
The 2011 Budget announcement from the Government has resulted in further amendments to the Working for Families (WFF) tax credit regime.
The amendments may mean that families on lower incomes will receive a greater slice of WFF funding over time.
You will recall from the last edition of the McCulloch & Partners newsletter that the definition of “income” used in the calculation of WFF was widened from 1 April 2011. The intention behind these changes was to ensure that families with income in investments previously left out of the calculation did not have an advantage over families without these same investment opportunities.
The intention of the Government in this round of WFF improvements is to redistribute the entitlements to WFF by increasing the entitlement for those families on a lower level of income and to reduce the entitlement of those families on a higher level of income. The Government has proposed to do this over a four year transitional period beginning 1 April 2012.
To illustrate how the changes many affect your family the table below gives a comparison between what a family is entitled to currently against what the same family may be entitled to from 1 April 2012.
The changes announced in the Budget will have an impact on the level of payments received for those families who have an entitlement to WFF. However, the impact of these changes is minor in comparison to the changes already enacted on 1 April 2011 for the definition of “income” used in the WFF calculation.
If you have any questions about how your entitlement may be affected by any of these changes please contact your advisor.
