Social Security (Benefits Adjustment) and Income Tax (Minimum Family Tax Credit) Amendment Act 2024
Social Security (Benefits Adjustment) and Income Tax (Minimum Family Tax Credit) Amendment Act 2024
Public Act |
2024 No 3 |
|
Date of assent |
21 February 2024 |
|
Commencement |
see section 2 |
Contents
The Parliament of New Zealand enacts as follows:
1 Title
This Act is the Social Security (Benefits Adjustment) and Income Tax (Minimum Family Tax Credit) Amendment Act 2024.
2 Commencement
Part 1 Amendments to Social Security Act 2018
3 Principal Act
This Part amends the Social Security Act 2018.
4 Section 452A repealed (Orders in Council: mandatory annual average weekly earnings adjustment of rates of main benefits)
Repeal section 452A.
5 Section 453 amended (Orders in Council: mandatory annual CPI adjustment of rates of certain benefits that are not main benefits)
(1)
In the heading to section 453, delete “that are not main benefits”
.
(2)
Replace section 453(2) and (3) with:
(2)
Subsection (1) applies to the following provisions:
(a)
Part 1 of Schedule 4 (rates of jobseeker support):
(b)
Part 2 of Schedule 4 (rates of sole parent support):
(c)
Part 3 of Schedule 4, including clause 2, but excluding clauses 3 and 4 (rates of supported living payment):
(d)
Part 4 of Schedule 4 (orphan’s benefit):
(e)
Part 5 of Schedule 4 (unsupported child’s benefit):
(f)
Part 6 of Schedule 4, other than any rate of incentive payment in subpart 3 of Part 6 of Schedule 4 (rates and component of youth payment and young parent payment, and criteria for incentive payments):
(g)
Part 10 of Schedule 4 (rates of generally abolished former widows’ benefits under section 21 of the Social Security Act 1964 as saved by clause 55 of Schedule 1 for reciprocity agreement applicants or recipients):
(h)
Part 11 of Schedule 4 (rates of generally abolished former DPB for solo parents under section 27B of the Social Security Act 1964 as saved by clause 55 of Schedule 1 for reciprocity agreement applicants or recipients):
(i)
Part 12 of Schedule 4 (rates of benefits payable to long-term hospital patients).
(3)
An adjustment under subsection (1) also affects the maximum rate at which MSD may grant an emergency benefit (see section 63(4)).
6 Schedule 1 amended
(1)
In Schedule 1, cross-heading above clause 55(6), replace “average weekly earnings”
with “CPI”
.
(2)
In Schedule 1, clause 55(6), replace “452A”
with “453”
.
7 Schedule 2 amended
(1)
In Schedule 2, repeal the definitions of average ordinary time weekly earnings, earner levies, and standard tax.
(2)
In Schedule 2, definition of incentive payment, replace “452A(2)(d)”
with “453(2)(f)”
.
8 Schedule 4 amended
In the Schedule 4 heading, delete “452A,”
.
Part 2 Amendment to Income Tax Act 2007
9 Principal Act
This Part amends the Income Tax Act 2007.
10 Section ME 1 amended (Minimum family tax credit)
(1)
In section ME 1(3)(a), replace “$34,216”
with “$35,204”
.
(2)
Subsection (1) applies for the 2024–25 and later tax years.
Legislative history
13 February 2024 |
Introduction (Bill 14–1), first reading, second reading |
|
15 February 2024 |
Committee of the whole House |
|
20 February 2024 |
Third reading |
|
21 February 2024 |
Royal assent |
This Act is administered by the Ministry of Social Development.