2010 New Zealand budget
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Submitted by | Bill English |
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Parliament | Parliament of New Zealand |
Party | National |
Total revenue | ![]() |
Total expenditures | ![]() |
Deficit | ![]() |
Debt | ![]() ![]() |
ǂNumbers in italics are projections.
‹ 2009 2011› |
The New Zealand budget for fiscal year 2010-2011 was presented to the New Zealand House of Representatives by Finance Minister Bill English on 20 May 2010.[2]
This was the second budget Bill English has presented as Minister of Finance.
Outline
[edit]Tax changes
[edit]The main feature of the 2010 Budget[3] was a tax package that lowered income taxes, reduced the company tax rate to 28%, and raised GST to 15%. There were increases to Superannuation, Working for Families and Benefits to compensate for the GST increase.
New income tax rates from 2010 are:[4]
Taxable income band | Old PAYE (1 April 2010 – 30 September 2010) |
New PAYE (from 1 October 2010) |
---|---|---|
$0 – $14,000 | 12.5% | 10.5% |
$14,001 – $48,000 | 21% | 17.5% |
$48,0001 – $70,000 | 33% | 30% |
$70,001+ | 38% | 33% |
Depreciation on buildings with a life exceeding 50 years was removed, resulting in an increase of tax paid on property, and Loss Attributing Qualifying Companies were abolished and replaced with Look-through company, subject to much tighter rules.
The 2010 Budget included new spending of $1.8 billion in health, education, research and broadband rollout.
The Budget forecast a return to fiscal surplus in 2016.
References
[edit]- ^ a b c d e "Minister's Executive Summary" (PDF). New Zealand Treasury. 20 May 2010. Archived from the original (PDF) on 17 June 2016. Retrieved 20 March 2015.
- ^ "Budget 2010". New Zealand Treasury. 20 May 2010. Retrieved 18 March 2015.
- ^ "Budget 2010 home page". The Beehive. 20 May 2010. Retrieved 18 March 2015.
- ^ "Personal tax cuts". Inland Revenue Department. 1 October 2010. Archived from the original on 29 January 2019. Retrieved 18 March 2015.