- 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 Tax Credits
On 1 April 2011 legislative changes to the Working For Families Tax Credit (WFF) regime may effect your level of entitlement to WFF payments.
The most significant change to the regime is the widening of the definition of total family income which is used to calculate your entitlement. The calculation of total family income will now include income received from the following 9 sources of income;
On 1 April 2011 legislative changes to the Working For Families Tax Credit (WFF) regime may effect your level of entitlement to WFF payments.
The most significant change to the regime is the widening of the definition of total family income which is used to calculate your entitlement. The calculation of total family income will now include income received from the following 9 sources of income;
- Attributable trustee income,
- Attributable fringe benefits,
- PIE income (Other than registered superannuation schemes such as Kiwisaver and Retirement Benefit schemes),
- Passive income earned by children (includes interest, dividends and rent). Amounts over $500 per child will be included as family income,
- Worldwide income received by a non-resident,
- Tax exempt salary or wages under specific international agreements,
- Income equalisation deposits made by you, your trust, or a company controlled by you or your trust,
- Certain pensions and annuities (Excludes New Zealand Superannuation),
- Other payments received from any sources that are used for your family’s day-to-day living expenses totalling more than $5,000 (E.g Board received).
If you are receiving a weekly or fortnightly WFF tax credit payment and you receive income from any of the above sources, you may need to contact the Inland Revenue Department to revise your estimated family income to avoid an end of year repayment of overpaid WFF tax credits.
If you currently receive or are entitled to WFF tax credits we will need to request information for these types of income when we prepare your 2012 tax return. Please contact your adviser if you need further clarification on these changes.