Income Tax (Minimum Family Tax Credit) Order 2016

  • latest version but not yet in force

2016/282

Coat of Arms of New Zealand

Income Tax (Minimum Family Tax Credit) Order 2016

Patsy Reddy, Governor-General

Order in Council

At Wellington this 21st day of November 2016

Present:
Her Excellency the Governor-General in Council

This order is made under section MF 7(1)(d) of the Income Tax Act 2007 on the advice and with the consent of the Executive Council.

Order

1 Title

This order is the Income Tax (Minimum Family Tax Credit) Order 2016.

2 Commencement

This order comes into force on 1 April 2017.

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 $23,816.

(2)

Subclause (1) applies in respect of the 2017/18 tax year and later tax years.

4 Amendment to Income Tax (Minimum Family Tax Credit) Order 2015

(2)

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

5 Income Tax (Minimum Family Tax Credit) Order 2014 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 2017, increases the prescribed amount specified in section ME 1(3)(a) of the Income Tax Act 2007 from $23,764 to $23,816. 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: 24 November 2016.

This order is administered by the Inland Revenue Department.