Income Tax (Minimum Family Tax Credit) Order 2014
2014 Order in Council increases the net income level guaranteed by the minimum family tax credit to $23,036 a year from the beginning of the 2015-16 tax year.
Section ME 1 of the Income Tax Act 2007
The Income Tax (Minimum Family Tax Credit) Order 2014, made on 17 November 2014, increases the net income level guaranteed by the minimum family tax credit. The net income level will rise from $22,776 to $23,036 a year and comes into force on 1 April 2015.
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. It also revokes the Income Tax (Minimum Family Tax Credit) Order 2012 as it is now spent. The order amends the Income Tax (Minimum Family Tax Credit) Order 2013 to limit it to the 2014-15 tax year only.
Application date
The increase applies from the beginning of the 2015-16 tax year.
Income Tax (Minimum Family Tax Credit) Order 2014 (SR 2014/350)