Three important tax credit changes from IRD that MyTax.co.nz customers should be aware of:
Changes to the three tax credits – the income under $9,880 tax credit, the tax credit for childcare and housekeeper expenditure, and the tax credit for the active income of children – have been announced as part of Budget 2012.
The changes will see the tax credit for the active income of children replaced with a limited tax exemption.
The income under $9,800 tax credit and the tax credit for childcare and housekeeper expenditure have been repealed (gone!). These changes will take effect from the 2012/2013 tax year. Customers will still be able to make claims for the 2011/2012 tax year and previous years.
If you have any concerns of questions, please contact your friendly MyTax.co.nz staff member for advice.
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