| New Zealand budget | |
| Year: | 2010 |
| Country: | New Zealand |
| Previous Budget: | 2009 New Zealand budget |
| Previous Year: | 2009 |
| Next Budget: | 2011 New Zealand budget |
| Next Year: | 2011 |
| Submitter: | Bill English |
| Parliament: | Parliament of New Zealand |
| Party: | National |
| Total Revenue: | $56.4 billion[1] |
| Total Expenditures: | $64.8 billion |
| Deficit: | -$6.9 billion |
| Debt: | $26.6 billion (Net) 14.1% (Net debt to GDP) |
| Below: | ǂNumbers in italics are projections. |
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.
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.