This was mentioned in the recent budget as it is being cancelled from 1 April 2018 and many of you are asking what is it and can you claim it?
What is Independent Earner Tax Credit?
This is a tax credit available to you if you earn between $24,000 and $48,000 per annum and are not claiming a Working for Families Tax Credit. It is a tax credit of $520 so if you’ve paid more than this in tax, you can receive this back as a tax refund.
How do I get it?
If you’re a Beany client, you don’t have to do anything as we claim it for you whilst we’re doing your tax returns.
If you’re not a Beany client, then you can file a return online at the IRD and claim it, or become a client.
When is this tax credit stopping?
In the latest budget, the government decided to get rid of this tax credit of $10 per week and (kind of) replace it with a movement in the tax bracket so if you earn between $22,000 to $52,000 now, you will receive an extra $11 per week, leaving taxpayers a net $1 better off. So this current year (the year ended 31 March 2018) will be the last year you can get the IETC.
Call us on 0800 755 333 or contact firstname.lastname@example.org for more information on this or any other tax query.