SR 2009/367
Issued
2009

Minimum family tax credit income amount increased

The net income level guaranteed by the minimum family tax credit will rise from $20.540 to $20,800 a year from 1 Apr 2010.

The Income Tax (Minimum Family Tax Credit) Order 2009, made on 23 November 2009, increases the net income level guaranteed by the minimum family tax credit. The net income level will rise from $20.540 to $20,800 a year from 1 April 2010.

The order increases to $20,800 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 2010-11 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 2008 to limit its application to the 2009-10 tax year.

Income Tax (Minimum Family Tax Credit) Order 2009 (SR 2009/367)