Section LB 4 — Income Tax Act 2007: Tax credits for families

LB 4 Tax credits for families Tax credits under subparts MD and ME (1) 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) and their minimum family tax credit under subpart ME (Minimum family tax credit) for the tax year. Adjustments for credits used (2) 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. Defined in this Act: amount , amount of tax , corresponding income year , family scheme income , minimum family tax credit , pay , tax credit , tax year , Compare: 2004 No 35 ss KD 1A(2) , KD 2(1) , KD 3(2) , MD 1(3A) 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: 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: 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: amended, on 1 April 2008, by section 437(2)(c) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section LB 4: amended, on 1 April 2008, by section 437(2)(d) 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(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).