NZ Budget 2010 - May 2010. Jones Lang Lasalle

New Zealand

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NZ Budget 2010 - May 2010

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Key Points

Company tax rate down to 28% in the 2011-2012 income year
No depreciation allowance on buildings, with an estimated building life of 50 years
The 20% accelerated depreciation on other assets will be removed from the 2011 -2012 income year.
PIE tax rates to fall in line with personal tax rates and the top tax rate down to 28%
QC's and LAQC's to become flow-through entities for tax purposes so that both profits and loses flow through
Personal tax cuts on 1 October 2010
Rise in GST to 15% on 1 October 2010
Thin capitalisation rule down from 75% to 60%
Treasury forecasts 3% y-o-y growth to 2013-2014
Treasury forecasts inflation to hit 5.9% in 2010-2011
Treasury forecasts 90-day interest rates to average 5% over the next few years
Operating deficit to increase to 4.2% for 2010-2011 then reduce to 1.3% and return to surplus in 2015-2016
Core crown expenses to be at 28.4% of GDP by 2023-2024