Value of a Families entitlement for best start tax creditBest Start Float MONTH Person Formula Included used 1 time
Value type Float . Default value 0 Entity person
How is this calculated?
To calculate this variable, the following input is used
- Float best_start__year_of_child Returns the year of eligibilty either 1, 2 or 3 otherwise returns zero
- Float family_scheme__assessable_income The annual net income for a person as relates to the family scheme
Where is this used?
This variable is referred to by these other variables in their own calculations
- Float best_start__entitlement The total value the principal carer is entitled to for the best start tax credit
This is the formula used to calculate the value of best_start__tax_credit_per_child
This formula is used for scenarios from the date 0001-01-01 onwards. More info on formulas
def formula(persons, period, parameters): threshold = parameters( period).entitlements.income_tax.family_scheme.best_start.full_year_abatement_threshold rate = parameters( period).entitlements.income_tax.family_scheme.best_start.full_year_abatement_rate prescribed_amount = parameters( period).entitlements.income_tax.family_scheme.best_start.prescribed_amount # sum up families income # http://legislation.govt.nz/act/public/2007/0097/latest/DLM1518488.html#DLM1518488 family_income = persons.family.sum(persons.family.members( 'family_scheme__assessable_income', period.this_year)) # calculate income over the threshold income_over_threshold = where( (family_income - threshold) < 0, 0, family_income - threshold) # work out the ages for each family member years = persons('best_start__year_of_child', period) # work out if each dependant child is eligible for full best start tax credit dependant_eligible_full = (years == 1) * prescribed_amount # work out if each dependant child is eligible for abated best start tax credit dependant_eligible_abated_1 = ( years == 2) * (prescribed_amount - (income_over_threshold * rate)) dependant_eligible_abated_2 = ( years == 3) * (prescribed_amount - (income_over_threshold * rate)) # sum up the entitlement for each child return (dependant_eligible_full + dependant_eligible_abated_1 + dependant_eligible_abated_2) / 12