MF 4H Calculation of instalments: 1 April 2021 to 30 June 2021
When this section applies
(1)
This section applies for calculating the amount of an instalment by way of tax credit under section ME 1 (Minimum family tax credit) for the period starting on 1 April 2021 and finishing on 30 June 2021.
Minimum family tax credit formula: section ME 1
(2)
The instalments for the tax credit under section ME 1 are calculated using the formula—
(prescribed amount − net family scheme income) × weekly periods ÷ 52.
Definition of items in formula
(3)
In the formula,—
(a)
prescribed amount is $30,576:
(b)
net family scheme income is the net family scheme income, calculated using the formula in section ME 3 (Meaning of net family scheme income), for a relationship period containing the entitlement period, of—
(ii)
their spouse, civil union partner, or de facto partner; or
(iii)
the person and their spouse, civil union partner, or de facto partner:
(c)
weekly periods is the number of periods of 1 week in the entitlement period for which the person is a full-time earner.
Defined in this Act: amount, civil union partner, de facto partner, entitlement period, full-time earner, minimum family tax credit, net family scheme income, relationship period, spouse, tax credit
MF 4I Calculation of instalments: 1 July 2021 to 31 March 2022
When this section applies
(1)
This section applies for calculating the amount of an instalment by way of tax credit under section ME 1 (Minimum family tax credit) for the period starting on 1 July 2021 and finishing on 31 March 2022.
Minimum family tax credit formula: section ME 1
(2)
The instalments for the tax credit under section ME 1 are calculated using the formula—
(prescribed amount − net family scheme income) × weekly periods ÷ 52.
Definition of items in formula
(3)
In the formula,—
(a)
prescribed amount is $31,096:
(b)
net family scheme income is the net family scheme income, calculated using the formula in section ME 3 (Meaning of net family scheme income), for a relationship period containing the entitlement period, of—
(ii)
their spouse, civil union partner, or de facto partner; or
(iii)
the person and their spouse, civil union partner, or de facto partner:
(c)
weekly periods is the number of periods of 1 week in the entitlement period for which the person is a full-time earner.
Defined in this Act: amount, civil union partner, de facto partner, entitlement period, full-time earner, minimum family tax credit, net family scheme income, relationship period, spouse, tax credit