The New Zealand budget for fiscal year 2007-2008 was presented to the New Zealand House of Representatives by Finance Minister Dr Michael Cullen on 17 May 2007.
 | |
| Submitted by | Michael Cullen |
|---|---|
| Parliament | Parliament of New Zealand |
| Party | Labour |
| Total revenue |  $59.4[1] |
| Total expenditures | $56.1 billion[1] |
| Surplus | $6.4 billion[1] |
| Debt | $4.7 billion (Net)[1] 2.7% (Net debt to GDP)[1] |
| Website | http://www.treasury.govt.nz/budget/2007 |
| ǂNumbers in italics are projections.
‹ 2006 2008› | |
This was the eighth budget Michael Cullen presented as Minister of Finance.
Outline
editTax changes
editBudget 2007 made a number of changes to the tax system:
- reduced the Company Tax rate from 33% to 30%.[2]
- introduced a 15% research and development tax credit.[2]
KiwiSaver
editBudget 2007 made a number of changes to the KiwiSaver scheme:[3]
- Member contributions to KiwiSaver were matched by a tax credit, to a maximum of $20 per week (a total of $1,040 per year);
- Increases to employers contributions to employees KiwiSaver accounts.
Infrastructure
editBudget 2007 announced funding for the Auckland railway electrification project.[4]
References
edit- ^ a b c d e "Minister's Executive Summary" (PDF). New Zealand Treasury. 17 May 2006. Archived from the original (PDF) on 2 April 2015. Retrieved 20 March 2015.
- ^ a b "Budget 2007 tax announcements". IRD. 17 May 2007. Retrieved 24 March 2015.
- ^ "KiwiSaver Savers Fact Sheet Q&A" (PDF). IRD. 17 May 2007. Retrieved 24 March 2015.
- ^ "21st century public transport for Auckland". ARTA. 17 May 2007. Retrieved 20 March 2015.