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Amendment paper Bill enacted Released 14 February 2024 | Ricardo Menéndez March

Social Security (Benefits Adjustment) and Income Tax (Minimum Family Tax Credit) Amendment Bill - Amendment paper No 015

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Amendment paper Bill enacted Released 14 February 2024 | Ricardo Menéndez March

Social Security (Benefits Adjustment) and Income Tax (Minimum Family Tax Credit) Amendment Bill - Amendment paper No 015

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No 15

House of Representatives

Amendment Paper

Social Security (Benefits Adjustment) and Income Tax (Minimum Family Tax Credit) Amendment Bill

Proposed amendments

Ricardo Menéndez March, in Committee, to move the following amendments:

New clause 9A

After clause 9 (page 3, after line 15), insert:

9A Section MD 13 amended (Calculation of family credit abatement)

Replace section MD 13(5) with:

(5)

The Commissioner must adjust the amounts specified in subsection (3)(a) as at 1 April each year so that in each case the new amount of the threshold at that date is the amount adjusted by any percentage movement upwards in the CPI or wages, whichever is the highest, between—

(a)

the CPI or wages for the quarter ended with 31 December 1 year before the immediately preceding 31 December; and

(b)

the CPI or wages for the quarter ended with the immediately preceding 31 December.

(6)

Any adjustments required by subsection (5) must be published by the Commissioner in such manner as the Commissioner thinks appropriate to bring the adjustment to the attention of the general public.

(7)

In this section, CPI means the Consumers Price Index (all groups) published by Statistics New Zealand or, if that index ceases to be published, any measure certified by the Government Statistician as being equivalent to that index.

New clauses 11

After clause 10 (page 3, after line 18), insert:

11 Section MF 7 amended (Orders in Council)

Repeal section MF 7(1)(d).

Explanatory note

This Amendment Paper amends the Social Security (Benefits Adjustment) and Income Tax (Minimum Family Tax Credit) Amendment Bill.
Amendment paper Bill enacted Released 14 February 2024

Social Security (Benefits Adjustment) and Income Tax (Minimum Family Tax Credit) Amendment Bill - Amendment paper No 015

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