Are you eligible for the Government’s new FamilyBoost childcare credit?

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Are you eligible for the Government’s new FamilyBoost childcare credit?

🍼 Big win for wallets with wee ones!

Starting July 1st, the cash squeeze on childcare gets a little relief. Thanks to the Government's new FamilyBoost credit, spearheaded by Finance Minister Nicola Willis, parents can now breathe easier with a chunk of their Early Childcare Education (ECE) fees zapped back into their bank accounts.

👶 What’s the scoop?

Parents and caregivers can now receive a partial reimbursement for their ECE fees. You can get back up to 25% of your weekly fees, with a maximum of $75 per week. This move is part of a broader effort to support families struggling with high costs in housing, food, and, of course, childcare.

👪 Why you should cheer

Let's face it — childcare costs can be a gamechanger, often tipping the scales on whether it makes cents (see what we did there?) for both parents to work. The FamilyBoost credit aims to make it easier and more worthwhile for families with young children to continue working, by providing direct assistance with ECE fees.

🏡 Who is eligible?

FamilyBoost is available to all families earning up to $180,000 a year who have childcare costs. However, to ensure the support reaches those who need it most, the maximum repayment amount will gradually reduce for families earning more than $140,000. The nitty-gritty on eligibility will come from the trusty folks at Inland Revenue, who will calculate your eligibility based on your household income over the past three months.

📝 How does it work?

Forget the paperwork pandemonium. Just log into your myIR account, where submitting ECE invoices is as easy as pie. Parents and caregivers can submit their invoices every three months and receive their FamilyBoost refund as a lump sum. Compile your receipts starting July, submit quarterly, and watch the refunds roll in from October.

If you need help with applying and keeping those receipts in order, contact us today. We’ll take care of that, so you can take care of your children.

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