Income Tax (Minimum Family Tax Credit) Order 2015

2015/294

Coat of Arms of New Zealand

Income Tax (Minimum Family Tax Credit) Order 2015

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 23rd day of November 2015

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.

Order

1 Title

This order is the Income Tax (Minimum Family Tax Credit) Order 2015.

2 Commencement

This order comes into force on 1 April 2016.

3 Increase of prescribed amount in formula for minimum family tax credit

(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 $23,764.

(2)

Subclause (1) applies in respect of the 2016/17 tax year and later tax years.

4 Amendment to Income Tax (Minimum Family Tax Credit) Order 2014

(2)

In clause 3(2), delete “and later tax years”.

5 Income Tax (Minimum Family Tax Credit) Order 2013 revoked

Michael Webster,
Clerk of the Executive Council.

Explanatory note

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 2016, increases the prescribed amount specified in section ME 1(3)(a) of the Income Tax Act 2007 from $23,036 to $23,764. 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).

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 26 November 2015.

This order is administered by the Inland Revenue Department.