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December 14, 2009

Submissions Wanted on Income Splitting

Inland Revenue is inviting submissions on a proposal by United Future on how to administer a potential Income Splitting system. Income Splitting means that a couple (only parents under the proposal) is treated as a tax unit rather than two individuals, and each parent is taxed on half of their combined income.

Father & Child Trust has generally supported Income Splitting, as the present system disadvantages families where one parent earns significantly more than the other often by several thousand dollars a year.

IRD Discussion Document
Submissions can be made to:
Income splitting tax credit
C/- Deputy Commissioner
Policy Advice Division
Inland Revenue Department
P O Box 2198
Wellington 6140

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