Issued
2011

Minimum family tax credit raised

2011 Order in Council increases the net income level guaranteed by the minimum family tax credit to $22,568 a year from 1 April 2012.

The minimum family tax credit has been raised.

Background

The Income Tax (Minimum Family Tax Credit) Order 2011, made on 31 October 2011, increases the net income level guaranteed by the minimum family tax credit. The net income level will rise from $22,204 to $22,568 a year from 1 April 2012.

Key features

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 revokes the Income Tax (Family Tax Credit) Order 2007 and the Income Tax (Minimum Family Tax Credit) Order 2008 as they are now spent. It also amends the Income Tax (Minimum Family Tax Credit) Order 2010.

Application date

The increase applies for the 2012-13 and later tax years.

Income Tax (Minimum Family Tax Credit) Order 2011 (SR 2011/404)