Today's Budget includes these key points:
- GST increases from 12.5pc to 15pc
- Company tax rates fall from 30pc to 28pc
- All income tax brackets fall, with the top rate levied on income over $70,000 per year coming down from 38pc to 33pc.
- Landlords and businesses will no longer be able to claim depreciation on buildings that are expected to increase in value.
- Rules around 'loss attributing qualifying companies' often used by property investors to reduce their tax payments are being tightened.
- All benefits including NZ Super and working for families will increase by 2.02pc to compensate for the increase in GST
- An extra $2.1bn is being spent on health over the next four years, which includes $1.7bn of new operating funding.
- Funding for schools is going up by $1.4bn over the next four years, which includes $350m in new operating and capital funding for school property.