Section MF 3 — Income Tax Act 2007: Calculating amount of interim WFF tax credit

MF 3 Calculating amount of interim WFF tax credit When this section applies (1) This section applies when the Commissioner receives an application under section MF 1 and is required under section 80KD(2) of the Tax Administration Act 1994 to determine the amount of the tax credit to which the person applying would be entitled. Method for determining family assistance credit (2) The Commissioner must— (a) calculate an amount (the annual amount ) using the formula in subsection (3); and (b) ascertain the amount ( amount A ) that, in schedule 31 , column 2 (Annualised equivalent amount for Part M ) is the equivalent of the annual amount represented in schedule 31 , column 1; and (c) calculate the WFF tax credit that the person would be entitled to for the tax year in which the calculation period falls if the family scheme income of the person for the calculation period were equal to amount A. Formula (3) The formula is— attributed net income × 365 days. Definition of items in formula (4) In the formula,— (a) attributed net income is equal to such amount of the family scheme income expected to be attributable to the part of the tax year that is the part (the calculation period ) for which the Commissioner determines that a tax credit is allowable to the person: (b) days is the number of days in the calculation period. Defined in this Act: amount , Commissioner , family scheme income , tax credit , tax year , WFF tax credit Compare: 2004 No 35 s KD 5(6) Section MF 3 heading: amended, on 1 April 2008, by section 485(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section MF 3(2)(c): amended, on 1 April 2008, by section 485(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section MF 3 list of defined terms family assistance credit : repealed, on 1 April 2008, by section 485(2)(b) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section MF 3 list of defined terms WFF tax credit : inserted, on 1 April 2008, by section 485(2)(a) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).