Minimum family tax credit amount increased
2008 Order in Council increases the minimum family tax credit amount to $20,540 for the 2009-10 and later tax years.
The Income Tax (Minimum Family Tax Credit) Order 2008, made on 6 October 2008, increases the net income level guaranteed by the minimum family tax credit. The net income level will rise from $18,460 to $20,540 a year from 1 April 2009.
The order increases to $20,540 the prescribed amount in the definition in section ME 1(3)(a), Income Tax Act 2007, of the items in the formula for calculating the minimum family tax credit.
The increase applies for the 2009-10 and later tax years. The prescribed amount is used when calculating the amount that a person may be allowed as a credit of tax under section ME 1(2).
The order also amends the Income Tax (Family Tax Credit) Order 2007 to limit its application to the 2008-09 tax year.
Income Tax (Minimum Family Tax Credit) Order 2008 (SR 2008/384)