Budget’s family package - by the numbers

Kiwis have a lot of information to digest in this year’s Budget, with families getting the most out of this year’s pre-election efforts. Here’s the family income and tax package, by the numbers:

WHAT ARE THE CHANGES?

Two of the income tax thresholds will rise. The $14,000 threshold rises to $22,000, the $48,000 threshold rises to $52,000

The Working for Families Family Tax Credit - up for some and down for others.

The Accommodation Supplement increases and more areas will qualify for higher payments.

WHAT WILL YOU GET?

The Government says 1.3 million working-age families will get an average of $26 a week.

Anyone earning more than $22,000 a year will get $10.70 a week.

Anyone earning more than $52,000 will get $20.38 more a week.

The higher family tax credit, available to children aged 16-18, will be expanded to cover all children - an increase of $9.25 a week for the first child and $17.75-26.81 a week for each subsequent child.

The accommodation supplement will increase by between $25 a week and $75 a week for a two-person household and between $40 and $80 a week for larger households.

Student allowance recipients in housing stress will get up to $20 more a week in accommodation benefit.

A couple on superannuation will get a $13.12 a week rise next year because of the link to higher wages.

WHEN WILL I GET IT?

From April 1, 2018.

WHO MISSES OUT?

Individuals with no other state help lose the independent earner tax credit, worth up to $10 a week, but will get a boost from the tax changes.

The abatement rate changes for the families tax credit will claw some of the gains back - at 25c in the dollar if you earn over $35,000 (up from 22.5c at $36,350 previously).

A small number - estimated at 200 households - will lose a few dollars a week from the accommodation supplement changes.

WHAT WILL IT COST?

Tax changes: $486 in 2017-18, $1.87 billion in 2018-19

Working for families: $97m in 2017-18, $373m in 2018-19

Accommodation supplement: $88m in 2017-18, $361m in 2018-19

Total: $603m in 2017-18, $2.075b in 2018-19