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Budget 2024 | The Government has confirmed changes and provided more information on FamilyBoost. Find out more: FamilyBoost

Budget 2024 | The Government has confirmed changes to personal income tax, the independent earner tax credit, in-work tax credit, and the minimum family tax credit. Find out more: Personal income tax threshold changes

If you get Working for Families or have a student loan, you must account for trust funds in your income estimation and annual square up. 

If you do not, you may receive more Working for Families than you are entitled to, or underpay your student loan. 

If you are a settlor of a trust, you must count any income that is retained as trustee income as part of your income for Working for Families and student loans. If you are a beneficiary of a trust, all distributions you get from the trust need to be included as adjusted income. 

More information is available on our website.
  
Adjusting your income for Working for Families and student loans 

We have started to contact some customers who received non-taxable distributions. If they have a tax agent for their social policy accounts, we will contact the tax agent first. Tax agents for affected customers should adjust the incomes for the completed periods, and talk to their clients about their income estimations for the current year. 
 
Last updated: 06 Dec 2023
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