Section MD 12 — Income Tax Act 2007: Calculation of parental tax credit

MD 12 Calculation of parental tax credit Entitlement (1) A person who meets the requirements of section MD 11 is entitled to a parental tax credit calculated using the formula in subsection (2). Formula (2) The formula is— prescribed amount × days 56. Definition of items in formula (3) In the formula,— (a) prescribed amount is $1,200 for each dependent child born on or after 1 October 1999: (b) days is the number of days in the parental entitlement period, up to a maximum of 56 days, for which the person and their spouse, civil union partner, or de facto partner do not receive a social assistance payment and do not have a suspended entitlement to an income-tested benefit. Order in Council increasing amount (4) In subsection (3)(a), the amount referred to may be increased as prescribed by the Governor-General by Order in Council under section MF 7 (Orders in Council). Defined in this Act: amount , civil union partner , de facto partner , dependent child , income-tested benefit , parental entitlement period , parental tax credit , social assistance payment , spouse , Compare: 2004 No 35 s KD 2(5)