2010 New Zealand budget

Last updated
2010 (2010) New Zealand budget
Coat of arms of New Zealand.svg
Submitted by Bill English
Parliament Parliament of New Zealand
Party National
Total revenueIncrease2.svg $56.4 billion [1]
Total expendituresIncrease2.svg $64.8 billion [1]
Deficit Decrease2.svg -$6.9 billion [1]
DebtDecrease2.svg $26.6 billion (Net) [1]
Decrease2.svg 14.1% (Net debt to GDP) [1]
ǂNumbers in italics are projections.
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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]

New Zealand Country in Oceania

New Zealand is a sovereign island country in the southwestern Pacific Ocean. The country geographically comprises two main landmasses—the North Island, and the South Island —and around 600 smaller islands. It has a total land area of 268,000 square kilometres (103,500 sq mi). New Zealand is situated some 2,000 kilometres (1,200 mi) east of Australia across the Tasman Sea and roughly 1,000 kilometres (600 mi) south of the Pacific island areas of New Caledonia, Fiji, and Tonga. Because of its remoteness, it was one of the last lands to be settled by humans. During its long period of isolation, New Zealand developed a distinct biodiversity of animal, fungal, and plant life. The country's varied topography and its sharp mountain peaks, such as the Southern Alps, owe much to the tectonic uplift of land and volcanic eruptions. New Zealand's capital city is Wellington, while its most populous city is Auckland.

Bill English 39th Prime Minister of New Zealand

Sir Simon William "Bill" English is a retired New Zealand politician who served as the 39th Prime Minister of New Zealand from 2016 to 2017. He was the leader of the National Party from 2001 to 2003 and 2016 to 2018, also serving two terms as Leader of the Opposition.

Contents

This was the second budget Bill English has presented as Minister of Finance.

Outline

Tax changes

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 bandOld PAYE
(1 April 2010  – 30 September 2010)		New PAYE
(from 1 October 2010)
$0  – $14,00012.5%10.5%
$14,001  – $48,00021%17.5%
$48,0001  – $70,00033%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.

A Loss Attributing Qualifying Company (LAQC) was a type of company which, by New Zealand law, passed on any losses to its shareholders. The shareholders could then offset these losses against their personal income for tax purposes.

A Look-Through Company (LTC) is a kind of tax structure for New Zealand companies with limited liability, which allows the company in question to transfer its income and expenditure to its shareholders directly. The LTC has replaced the previously popular Loss Attributing Qualifying Company and will be a simpler alternative to Limited Partnership; however, this new structure differs in a number of key areas.

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.

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References

  1. 1 2 3 4 5 "Minister's Executive Summary" (PDF). New Zealand Treasury. 20 May 2010. Archived from the original (PDF) on 17 June 2016. Retrieved 20 March 2015.
  2. ↑ "Budget 2010". New Zealand Treasury. 20 May 2010. Retrieved 18 March 2015.
  3. ↑ "Budget 2010 home page". The Beehive. 20 May 2010. Retrieved 18 March 2015.
  4. ↑ "Personal tax cuts". Inland Revenue Department. 1 October 2010. Retrieved 18 March 2015.
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