New Zealand Legislation: Regulations
Regulations are laws made under Acts
2008/384
Anand Satyanand, Governor-General
At Wellington this 6th day of October 2008
Present:
His Excellency the Governor-General in Council
Pursuant to section MF 7(1)(d) of the Income Tax Act 2007, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following order.
This order is the Income Tax (Minimum Family Tax Credit) Order 2008.
This order comes into force on 1 April 2009.
(1) The amount appearing as an item in the formula for the minimum family tax credit in section ME 1(3)(a) of the Income Tax Act 2007 is increased to $20,540.
(2) Subclause (1) applies in respect of the 2009–10 tax year and later tax years.
Clause 3(2) of the Income Tax (Family Tax Credit) Order 2007 is amended by omitting “and later tax years”
and substituting “tax year”
.
Rebecca Kitteridge,
Clerk of the Executive Council.
This note is not part of the order, but is intended to indicate its general effect.
This order, which comes into force on 1 April 2009, increases the prescribed amount specified in section ME 1(3)(a) of the Income Tax Act 2007 from $18,460 to $20,540. The prescribed amount is used when calculating the amount that a person may be allowed as a tax credit (referred to in section ME 1 as a minimum family tax credit).
Date of notification in Gazette: 9 October 2008.
This order is administered by the Inland Revenue Department.