Tax at
a Glance

Increasing the in-work tax credit (IWTC)

From 31 July 2024, the IWTC will increase by up to $50 per fortnight.

The IWTC is a tax credit for families with dependent children who are normally in paid work. The increase of $50 per fortnight (which gradually reduces as family income rises) will further support low-to-middle-income families.

The MFTC tops up the after-tax income of around 3,000 eligible low‑income working families to a guaranteed minimum amount. This guaranteed minimum will be increased slightly to allow MFTC recipients to benefit from the PIT changes (on top of the full $50 per fortnight IWTC increase).

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