Income Tax Act 2007

MZ 2 Calculation of child tax credit
Entitlement

(1)

A person who meets the requirements of section MZ 1 is entitled to a child tax credit calculated using the formula in subsection (2).

Formula

(2)

The formula is—

$780 × dependent children × days in entitlement period ÷ 365.

Definition of items in formula

(3)

In the formula,—

(a)

dependent children is the number of dependent children for whom the person is a principal caregiver during the entitlement period:

(b)

days in entitlement period is the number of days in the entitlement period for which the person and their spouse, civil union partner, or de facto partner do not receive a social assistance payment and do not have a suspended entitlement to a main benefit.

Defined in this Act: amount, child tax credit, civil union partner, de facto partner, dependent child, entitlement period, main benefit, principal caregiver, social assistance payment, spouse

Compare: 2004 No 35 s KD 2(4)

Section MZ 2(3)(b): amended, on 30 March 2021, by section 141 of the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 (2021 No 8).

Section MZ 2 list of defined terms income-tested benefit: repealed, on 30 March 2021, by section 141 of the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 (2021 No 8).

Section MZ 2 list of defined terms main benefit: inserted, on 30 March 2021, by section 141 of the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 (2021 No 8).