SR 2012/325
Issued
2012

Income Tax (Minimum Family Tax Credit) Order 2012

Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012

The Income Tax (Minimum Family Tax Credit) Order 2012, made on 23 October 2012, increases the after-tax income level guaranteed by the minimum family tax credit. The after-tax income level will rise from $22,568 to $22,724 a year from 1 April 2013.

The order increases the prescribed amount in the definition in the formula for calculating the minimum family tax credit, in section ME 1(3)(a) of the Income Tax Act 2007.

The order also revokes the Income Tax (Minimum Family Tax Credit) Order 2010 as it is now spent. It amends the Income Tax (Minimum Family Tax Credit) Order 2011.

The increase applies for the 2013-14 and later tax years.

Income Tax (Minimum Family Tax Credit) Order 2012 (SR 2012/325)