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Tax credits for school children

Tax credits for children
The taxcredit for children was repealed from 1 April 2012 and the entitlement to claimit was withdrawn in May 2012. The tax credit had covered the tax on the first$2,340 of income. 
Whatthis means for employers
-  From1 April 2013, employers must deduct PAYE from salary/wages  from allschool children
-  Forthose school children who are existing members of KiwiSaver, employeecontributions will need to be deducted at 3%. No employer contributions arenecessary for those employees under 18 years.
-  Giveall school children an IR330 Tax Code declaration form, and they must completethese and return them to you – download from http://www.ird.govt.nz/forms-guides/number/forms-3...
-  Employerswill need to include the school children’s details in the employer monthlyschedule (EMS). 

IN SHORT – if you pay your children for farm work you must deduct taxfrom this income to claim this as a business expense!   


 

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