The family tax credit person is entitlement to under the family schemeFamily Scheme 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 family_scheme__assessable_income The annual net income for a person as relates to the family scheme
- Boolean income_tax__dependent_child Determines if a Person is classified as financially dependant
Where is this used?
This variable is referred to by these other variables in their own calculations
- Float family_scheme__working_for_families_entitlement The entitlement a person has under the family scheme
This is the formula used to calculate the value of family_scheme__family_tax_credit_entitlement
This formula is used for scenarios from the date 0001-01-01 onwards. More info on formulas
def formula(persons, period, parameters): # eldest_child_credit = parameters(period).entitlements.income_tax.family_scheme.family_tax_credit.eldest_child # subsequent_child_credit = parameters(period).entitlements.income_tax.family_scheme.family_tax_credit.subsequent_child # threshold = parameters(period).entitlements.income_tax.family_scheme.family_tax_credit.full_year_abatement_threshold # rate = parameters(period).entitlements.income_tax.family_scheme.family_tax_credit.full_year_abatement_rate # 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) # calculate the number of children number_of_children = persons.family.sum( persons('income_tax__dependent_child', period)) # TODO this variable is incomplete and requires the formula to be finished return number_of_children