Act Repealed Latest version as at 23 September 1994 (as enacted) | 1994 No 84

Income Tax Amendment Act (No 2) 1994

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Short Title and application

Family support credit of tax

Income Tax Amendment Act (No 2) 1994

Public Act		1994 No 84
Date of assent		23 September 1994

	Title
1	Short Title and application
2	Family support credit of tax
	Administrative information

An Act to amend the Income Tax Act 1976

BE IT ENACTED by the Parliament of New Zealand as follows:

1 Short Title and application

(1)

This Act may be cited as the Income Tax Amendment Act (No. 2) 1994, and shall be read together with and deemed part of the Income Tax Act 1976 (hereinafter referred to as the principal Act).

(2)

This Act shall apply with respect to the tax on income derived in the 1994–95 income year and subsequent years.

2 Family support credit of tax

(1)

Section 374D(2) of the principal Act is hereby amended by repealing item y, and substituting the following item:

“y

is an amount equal to the aggregate of—

“(i)

$2,184 in respect of the eldest dependent child; and

“(ii)

$2,184 for each additional dependent child (not being a child referred to in paragraph (i) of this item) who was born on or before the 30th day of September 1977; and

“(iii)

$1,820 for each additional dependent child (not being a child referred to in paragraph (i) or paragraph (ii) of this item) who is 13, 14, 15, 16, 17, or 18 years of age; and

“(iv)

$1,404 for each additional dependent child not previously mentioned above,—

being in each case a dependent child in respect of whom the person is a principal caregiver throughout the eligible period, diminished by—

“(v)

Nil, where the specified income of the person in relation to the specified period does not exceed $20,000:

“(vi)

Where the specified income of the person in relation to the specified period exceeds $20,000 but does not exceed $27,000, 18 cents for every complete dollar of that excess:

“(vii)

Where the specified income of the person in relation to the specified period exceeds $27,000, the amount of $1,260 increased by 30 cents for every complete dollar of that excess; and”.

(2)

Section 374D(8) of the principal Act is hereby amended by repealing item y, and substituting the following item:

“y

is an amount equal to the aggregate of—

“(i)

$2,184 in respect of the eldest dependent child; and

“(ii)

$2,184 for each additional dependent child (not being a child referred to in paragraph (i) of this item) who was born on or before the 30th day of September 1977; and

“(iii)

$1,820 for each additional dependent child (not being a child referred to in paragraph (i) or paragraph (ii) of this item) who is 13, 14, 15, 16, 17, or 18 years of age; and

“(iv)

$1,404 for each additional dependent child not previously mentioned above,—

being in each case a dependent child in respect of whom the person is a principal caregiver throughout the eligible period, diminished by—

“(v)

Nil, where the specified income of the eligible person or the specified income of the other person, or the aggregate of those specified incomes, as the case may be, in relation to the specified period does not exceed $20,000:

“(vi)

Where the specified income of the eligible person or the specified income of the other person, or the aggregate of those specified incomes, as the case may be, in relation to the specified period exceeds $20,000 but does not exceed $27,000, 18 cents for every complete dollar of that excess:

“(vii)

Where the specified income of the eligible person or the specified income of the other person, or the aggregate of those specified incomes, as the case may be, in relation to the specified period exceeds $27,000, the amount of $1,260 increased by 30 cents for every complete dollar of that excess; and”.

(3)

Notwithstanding anything in the principal Act, subsections (2) and (3) of section 374D of the principal Act (as amended by subsections (1) and (2) of this section) shall be read in respect of the tax on income derived in the 1994–95 income year as if—

(a)

The reference to the sum of $1,404 in paragraph (iv) of item y in each of those subsections were instead a reference to the sum of $1,326; and

(b)

The reference to the sum of $20,000 in paragraphs (v) and of item y in each of those subsections were instead a reference to the sum of $18,750; and

(c)

The reference to the sum of $1,260 in paragraph (vii) of item y in each of those subsections were instead a reference to the sum of $1,485.

(4)

For the purposes of the calculation required by section 374G(4)(c) of the principal Act, the reference to section 374D of the principal Act shall apply as if,—

(a)

For certificates issued in terms of section 374G(3) of the principal Act in respect of the period commencing on the 1st day of April 1994 and ending with the 30th day of September 1994, subsections (1) to (3) of this section had not been enacted; and

(b)

For certificates issued in terms of section 374G(3) of the principal Act in respect of the period commencing on the 1st day of October 1994 and ending with the 31st day of March 1995, subsection (3) of this section had not been enacted.

(5)

Section 92 of the Income Tax Amendment Act (No. 3) 1993 is hereby consequentially amended by repealing subsections (1) to (4).

This Act is administered in the Inland Revenue Department.

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Income Tax Amendment Act (No 2) 1994