Changes To The Family Tax Credit And Best Start Tax Credits

Effective from 1 April 2023, the Family Tax Credit and the Best Start Tax Credit increase as a result of an inflation-indexed increase. The Family Tax Credit increases for the eldest child from $6,642 to $7,121 and the subsequent child rate from $5,412 to $5802; and the Best Start Tax Credit increases from $3,388 to $3,632.

Further to that, the minimum Family Tax Credit threshold increases from $32,864 to $34,216.