If I had a couple of kids under 18 years old, I could qualify for "Working for Families Tax Credits"; I would be part of a family!
But no, I am only a worker bee married to another worker bee. We don't qualify for any special status at all.
In fact, because we have a joint bank account, the account is taxed at the main incomer earner's tax-rate: 33%. And, the annual statement of earnings from the bank has this higher tax-rate. Which means I'm confuzzled about what my earnings are because before 1 April 2009 I was on 33% tax-rate but there's been changes and now I'm at 21% (I think).
I could be eligible for Independent Earner Tax Credit...iffen I figure out how the taxing of joint bank account works. I may be better off being single.
But no, I love husband. And I'm married for life, not for financial tax breaks.
Curiously enough, one of the main topics that come up during a search on the topic is Family Trusts. Some cursory research suggests it costs a few thousand dollars each year to maintain the trust -- so you gotta have money to save you money.
- When Marriage and Work Do Not Pay (pdf) - Family First New Zealand
- Trusts - Public Trust
- Benefits of Trusts - Company Solutions
- Benefits of a Family Trust - Parryfield Lawyers
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