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Changes to Income Under $9,880 Tax Credit 

 
Grange Associates Ltd - 28 May 2012

Budget 2012 repeals the Income Under $9,880 Tax Credit, effective from the 2013 tax year.

Transitional Rules

Employees currently on a “ML” or “M SL” tax code can continue to use that code (and thus receive the credit) up until 31 March 2013.  After that date they will have to use another tax code, such as “M” or “M SL”.  There is no requirement for these people to file a tax return or request a personal tax summary solely for having received the credits during the year, however, if they do file a return or request a summary they may be assessed as having tax to pay.

For those who usually claim the tax credit in their end of year tax return, they can still make a claim for the 2012 tax year, but not any future years.

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All information is correct at the date of article publication. Please note we provide the information as a service only. Accordingly, the contents are not intended as a substitute for specific professional advice and should not be relied upon for that purpose.   


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