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Budget 2010: In brief

File photo / NZ Herald
File photo / NZ Herald

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.

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