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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 016

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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 016

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No 16

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:

Clause 10

After clause 10(1) (page 3, after line 17), insert:

(1A)

Replace section ME 1(4) with:

(4)

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 is the amount at that date adjusted by any percentage movement upwards in the CPI or wages, whichever is higher, between—

(a)

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

(b)

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

(4A)

Any adjustments required by subsection (4) 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.

(4B)

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 clause 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 016

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