Plain language law

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Income Tax Act 2007

Tax credits and other credits - Tax credits for payments, deductions, and family payments

LB 4: Tax credits for families

You could also call this:

“Financial support for families through tax credits”

You can get a tax credit for a tax year. This credit includes your abating Working for Families tax credit, your minimum family tax credit, and your Best Start tax credit for that year.

Your tax credit might be adjusted if part of it was used to pay tax from an earlier year. The adjustment is equal to the amount of instalments that the Commissioner gets back from you as tax you need to pay.

If you want to know more about how these credits work, you can look at other parts of the law. These include subpart MD for abating Working for Families tax credits, subpart ME for the minimum family tax credit, and subpart MG for the Best Start tax credit.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1517921.

Topics:

Money and consumer rights > Taxes

Family and relationships > Children and parenting

LB 3: Tax credits for resident withholding tax, or

“Getting a tax credit for tax withheld on your income”

LB 4BA: Tax credits for early childhood education, or

“Money back for childcare costs”

Part L Tax credits and other credits
Tax credits for payments, deductions, and family payments

LB 4Tax credits for families

A person has a tax credit for a tax year equal to the total amount of their tax credit under subpart MD (Abating WFF tax credits), their minimum family tax credit under subpart ME (Minimum family tax credit), and their Best Start tax credit under subpart MG (Best Start tax credit) for the tax year.
The person's tax credit is adjusted if an instalment of the credit under subpart MF (Payment of credits) is used to satisfy an amount of tax for an earlier income year. The adjustment to the tax credit is equal to the total amount of instalments payable under section MF 1 (Application for payment of tax credit by instalment) that are recovered by the Commissioner under section MF 6 (Overpayment or underpayment of tax credit) as tax payable by the person.

Compare

2004 No 35 ss KD 1A(2), KD 2(1), KD 3(2), MD 1(3A)

Notes

Section LB 4 heading: substituted, on 1 April 2008, by section 437(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section LB 4(1) heading: inserted (with effect on 1 April 2008), on 6 October 2009, by section 314(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
Section LB 4(1): amended, on 1 July 2018, by section 156 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
Section LB 4(1): amended, on 1 April 2008, by section 437(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section LB 4(1): amended, on 1 April 2008, by section 437(2)(b) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section LB 4(2) heading: added (with effect on 1 April 2008), on 6 October 2009, by section 314(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
Section LB 4(2): added (with effect on 1 April 2008), on 6 October 2009, by section 314(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
Section LB 4 list of defined terms amount of tax: inserted (with effect on 1 April 2008), on 6 October 2009, by section 314(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
Section LB 4 list of defined terms corresponding income year: inserted (with effect on 1 April 2008), on 6 October 2009, by section 314(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
Section LB 4 list of defined terms family assistance credit: repealed, on 1 April 2008, by section 437(3)(b) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section LB 4 list of defined terms family tax credit: repealed, on 1 April 2008, by section 437(3)(b) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section LB 4 list of defined terms minimum family tax credit: inserted, on 1 April 2008, by section 437(3)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).
Section LB 4 list of defined terms pay: inserted (with effect on 1 April 2008), on 6 October 2009, by section 314(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
Section LB 4 compare note: amended (with effect on 1 April 2008), on 6 October 2009, by section 314(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).