Families Package (Income Tax and Benefits) Bill

  • enacted
21 Section MF 7 amended (Orders in Council)

(1)

After section MF 7(1)(d), insert:

(db)

change the amounts in section MG 2(2)(a) (Best Start tax credit) by an amount that—

(i)

corresponds to the movement in the New Zealand Consumers Price Index that has not yet been taken into account by an increase:

(ii)

is rounded up to the nearest whole dollar, without affecting the calculation of later increases made under this paragraph:

(dc)

change the amounts in section MG 3(2)(a) (Best Start tax credit abatement):

(2)

After section MF 7(2), insert:

Order in Council under subsection (1)(db): requirements

(2BA)

An Order in Council under subsection (1)(db),—

(a)

in the case of the first Order in Council made under subsection (1)(db), must be made when the total percentage increase in the movement in the New Zealand Consumers Price Index measured from that applying on 1 July 2018 is 5% or more:

(b)

in the case of a subsequent Order in Council under subsection (1)(db), must be made when the total percentage increase in the movement in the New Zealand Consumers Price Index measured from that applying on the date when the requirement to make the immediately preceding adjustment arose is 5% or more.

(3)

In section MF 7(2B), in the words before the paragraphs, replace subsections (1)(a)(i) and (2)(a), (b), and (c) with subsections (1)(a)(i) and (db)(i), (2), and (2BA).