The 2010 Budget was released by the Government on 20 May 2010 and has been hailed as one of the most radical budgets in recent years.
Budget 2010 Highlights
- Substantial reductions in personal tax rates from October 1st, 2010
- Reduction in company tax rate to 28% from April 1st, 2011
- Increase in GST to 15% from April 1st, 2011
- Elimination of depreciation write-offs on most buildings including rental properties
- LAQC rules to be tightened to reduce property speculation
- Increased budget for IRD to clamp down on tax avoidance
- Benefits to rise to compensate for higher GST
- Extra funding for education and health
2010 Budget Articles
How do New Zealand's income tax rates stack up against those of countries our young emmigrees flock to? Here's a comparison of headline income tax rates in New Zealand, Australia and the United Kingdom.
The 2010 Budget has delivered substantial income tax rate cuts across the board, including a drop in the top tax rate to 33%. Changes come into effect as of 1 October 2010.