The New Zealand budget for fiscal year 2010-2011 was presented to the

New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island count ...

House of Representatives House of Representatives is the name of legislative bodies in many countries and sub-national entitles. In many countries, the House of Representatives is the lower house of a bicameral legislature, with the corresponding upper house often c ...

Finance Minister A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...

Bill English Sir Simon William English (born 30 December 1961) is a New Zealand former National Party politician who served as the 39th prime minister of New Zealand from 2016 to 2017 and as the 17th deputy prime minister of New Zealand and minister of f ...

on 20 May 2010. This was the second budget Bill English has presented as Minister of Finance.

Outline

Tax changes

The main feature of the 2010 Budget 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: 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 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 ...

, 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

{{DEFAULTSORT:2010 New Zealand Budget Budget, 2010 New Zealand budgets

New Zealand budget The New Zealand Budget is an annual statement by the New Zealand Government that outlines of the nation's revenues and expenditures for the preceding fiscal year and expectations for the next one. It is prepared by the New Zealand Treasury for the ...

May 2010 events in New Zealand