New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The Governor-General may, by Order in Council,—
(a) increase the amounts in section MD 3(4)(a)(i) and (b)(i) and (ii) (Calculation of family tax credit) by amounts that—
(i) correspond to the movement in the New Zealand Consumer Price Index that has not yet been taken into account by an increase:
(ii) are rounded up to the nearest whole dollar, without affecting the calculation of later increases made under this paragraph:
(ab) increase the amount in—
(i) section MD 3(4)(a)(ii) to equal the corresponding amount in section MD 3(4)(a)(i), if the amount in section MD 3(4)(a)(i) would otherwise be the greater:
(ii) section MD 3(4)(b)(iii) to equal the corresponding amount in section MD 3(4)(b)(ii), if the amount in section MD 3(4)(b)(ii) would otherwise be the greater:
(b) increase the amounts appearing as items in the formula for the in-work tax credit set out in section MD 10(3) (Calculation of in-work tax credit):
(c) increase the amount appearing as an item in the formula for the parental tax credit set out in section MD 12(3) (Calculation of parental tax credit):
(cb) increase the amounts appearing as the amount of the threshold set out in section MD 13(3):
(d) increase the amount appearing as an item in the formula for the minimum family tax credit in section ME 1(3) (minimum family tax credit):
(e) replace schedule 31 (Annualised equivalent amount for Part M).
(2) An Order in Council under subsection (1)(a),—
(a) in the case of the first Order in Council made under subsection (1)(a), must be made when the total percentage increase in the movement in the New Zealand Consumers Price Index measured from that applying on 1 October 2008 is 5% or more:
(b) in the case of a subsequent Order in Council under subsection (1)(a), must be made when the total percentage increase in the movement in the New Zealand Consumers Price Index measured from that applying on the date when the requirement to make the immediately preceding adjustment arose is 5% or more.
(2B) For the purposes of subsections (1)(a)(i) and (2)(a) and (b), a movement in the New Zealand Consumers Price Index over a period is determined by comparing the following numbers:
(a) the number that, when the period started, was the most recent quarterly index number of—
(i) the New Zealand Consumers Price Index all groups, if the period starts before 29 April 2010; and
(ii) the New Zealand Consumers Price Index all groups excluding cigarettes and other tobacco products, if the period starts after 28 April 2010:
(b) the number that, when the period ended, was the most recent quarterly index number of—
(i) the New Zealand Consumers Price Index all groups, if the period ends before 29 April 2010; and
(ii) the New Zealand Consumers Price Index all groups excluding cigarettes and other tobacco products, if the period ends after 28 April 2010.
(2C) An Order in Council must be made under subsection (1)(ab) if an Order in Council under subsection (1)(a) would otherwise result in—
(a) the amount in section MD 3(4)(a)(i) exceeding the amount in section MD 3(4)(a)(ii):
(b) the amount in section MD 3(4)(b)(ii) exceeding the amount in section MD 3(4)(b)(iii).
(3) An Order in Council made under this section must be made no later than 1 December in each year and must apply from 1 April following that date.
(4) The Minister responsible for the Inland Revenue Department, in consultation with the Minister responsible for the department currently responsible for administering the Social Security Act 1964, must cause a review to be undertaken of the amounts of the in-work tax credit and the parental tax credit allowable under subparts MB to MF and MZ.
(5) A review undertaken under subsection (4) must occur,—
(a) in the case of the first review, not later than 30 June 2008; and
(b) in the case of subsequent reviews, not later than 30 June in the third year after each preceding review.
Defined in this Act: amount, family tax credit, in-work tax credit, minimum family tax credit, parental tax credit
Compare: 2004 No 35 s KD 5C
Section MF 7(1)(a): substituted, on 24 May 2011, by section 6(1) of the Taxation (Annual Rates and Budget Measures) Act 2011 (2011 No 23).
Section MF 7(1)(a): amended (with effect on 20 May 2010), on 28 May 2010, by section 94(1) of the Taxation (Budget Measures) Act 2010 (2010 No 27).
Section MF 7(1)(a): amended, on 1 April 2008, by section 489(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section MF 7(1)(a)(i): amended (with effect on 1 October 2008), on 21 December 2010, by section 114 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).
Section MF 7(1)(a)(i): amended (with effect on 29 April 2010), on 28 May 2010 (applying for Working for Families entitlements for the 2011–12, 2012–13, and 2013–14 tax years), by section 94(2) of the Taxation (Budget Measures) Act 2010 (2010 No 27).
Section MF 7(1)(ab): inserted, on 24 May 2011, by section 6(2) of the Taxation (Annual Rates and Budget Measures) Act 2011 (2011 No 23).
Section MF 7(1)(b): amended, on 1 April 2008, by section 489(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section MF 7(1)(cb): inserted (with effect on 20 May 2010), on 28 May 2010, by section 94(3) of the Taxation (Budget Measures) Act 2010 (2010 No 27).
Section MF 7(1)(d): amended, on 1 April 2008, by section 489(3) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section MF 7(2)(a): amended (with effect on 29 April 2010), on 28 May 2010 (applying for Working for Families entitlements for the 2011–12, 2012–13, and 2013–14 tax years), by section 94(4) of the Taxation (Budget Measures) Act 2010 (2010 No 27).
Section MF 7(2)(a): amended (with effect from 1 April 2008), on 29 May 2008, by section 35 of the Taxation (Personal Tax Cuts, Annual Rates, and Remedial Matters) Act 2008 (2008 No 36).
Section MF 7(2)(b): amended (with effect on 29 April 2010), on 28 May 2010 (applying for Working for Families entitlements for the 2011–12, 2012–13, and 2013–14 tax years), by section 94(4) of the Taxation (Budget Measures) Act 2010 (2010 No 27).
Section MF 7(2B) heading: inserted (with effect on 29 April 2010), on 28 May 2010 (applying for Working for Families entitlements for the 2011–12, 2012–13, and 2013–14 tax years), by section 94(5) of the Taxation (Budget Measures) Act 2010 (2010 No 27).
Section MF 7(2B): inserted (with effect on 29 April 2010), on 28 May 2010 (applying for Working for Families entitlements for the 2011–12, 2012–13, and 2013–14 tax years), by section 94(5) of the Taxation (Budget Measures) Act 2010 (2010 No 27).
Section MF 7(2C) heading: inserted, on 24 May 2011, by section 6(3) of the Taxation (Annual Rates and Budget Measures) Act 2011 (2011 No 23).
Section MF 7(2C): inserted, on 24 May 2011, by section 6(3) of the Taxation (Annual Rates and Budget Measures) Act 2011 (2011 No 23).
Section MF 7(4) heading: amended, on 1 April 2008, by section 489(4) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section MF 7(4): amended, on 1 April 2008, by section 489(5) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section MF 7 list of defined terms family support: repealed, on 1 April 2008, by section 489(6)(b) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section MF 7 list of defined terms in-work payment: repealed, on 1 April 2008, by section 489(6)(b) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section MF 7 list of defined terms in-work tax credit: inserted, on 1 April 2008, by section 489(6)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section MF 7 list of defined terms minimum family tax credit: inserted, on 1 April 2008, by section 489(6)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
