“Budget 2010 tax changes will lift economic growth by putting the right incentives back into the economy. It will also leave the vast majority of New Zealanders better off,” says Finance Minister Bill English. “People can see this for themselves at the taxguide website, which calculates their tax cut, extra GST and any additional compensation through increased Working for Families, NZ Superannuation and benefit payments.
“The website is conservative as it assumes that people spend all of their income – other than housing which is not subject to GST. In addition it does not include future economic forecasts such as wage growth which is projected to exceed underlying price increases over the next four years.”