Public Policy
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Budget 2024/25 - Summary of tax collections
3rd Jun 24, 10:48am
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This table outlines the New Zealand Government's planned tax collections for the 2024/25 budget year.
Actual tax collected for the previous four years is on the left for the sake of comparison.
The numbers are drawn together from data released by the Minister of Finance on May 30, 2024.
Links to the primary sources used, from Treasury's website, can be found at the bottom of this page.
Figures for each allocation are in millions of NZ$
| Actual 2019/20 | Actual 2020/21 | Actual 2021/22 | Actual 2022/23 | Estimate 2023/24 | Budget 2024/25 | % | |
| NZ$m | NZ$m | NZ$m | NZ$m | NZ$m | NZ$m | ||
| 4.6 | 112.4 | 0.0 | 0.0 | 0.0 | Adverse Income Equalisation Account | 0.0 | 0.00% |
| 493.2 | 467.0 | 194.8 | 139.8 | 22.0 | Child Support Collections | 16.0 | 0.01% |
| 26.7 | 129.7 | 18.6 | 31.5 | 61.0 | Other non-tax revenue | 61.0 | 0.04% |
| 20.8 | 20.0 | 23.7 | 27.1 | 30.0 | Working for Families Tax Credit Interest and Penalties | 30.0 | 0.02% |
| 9.4 | 17.4 | 50.4 | 172.3 | 130.0 | Unclaimed Monies | 67.0 | 0.05% |
| 97.7 | 130.8 | 122.1 | 249.2 | 110.0 | Income Equalisation Reserve Account | 110.0 | 0.08% |
| 0.0 | 0.0 | 122.6 | 110.2 | 103.0 | Small Business Cashflow Scheme interest unwind | 35.0 | 0.02% |
| 103.0 | 89.2 | 97.5 | 153.2 | 181.0 | Other Indirect Taxes | 168.0 | 0.12% |
| 276.2 | 321.9 | 272.5 | 342.1 | 336.0 | Gaming Duties | 390.0 | 0.27% |
| 0.0 | 0.0 | 362.3 | 431.5 | 421.5 | Small Business Cashflow Scheme receipts | 324.8 | 0.23% |
| 367.0 | 271.6 | 317.6 | 606.0 | 660.0 | Interest on Impaired Student Loans | 603.0 | 0.42% |
| 593.3 | 607.9 | 684.4 | 768.8 | 812.0 | Fringe Benefit Tax | 837.0 | 0.58% |
| 1,413.5 | 1,494.7 | 1,604.7 | 1,633.5 | 1,632.0 | Student Loans - Receipts | 1,729.0 | 1.21% |
| 2,926.8 | 2,992.1 | 2,465.6 | 3,840.8 | 5,958.0 | Withholding Taxes | 4,893.0 | 3.41% |
| 3,560.3 | 3,005.0 | 3,756.6 | 5,367.5 | 5,716.2 | Finance | 5,749.0 | 4.01% |
| 5,303.5 | 7,057.3 | 9,380.4 | 7,721.9 | 7,118.0 | Other Persons | 7,775.0 | 5.42% |
| 15,115.9 | 14,890.9 | 17,511.8 | 18,565.2 | 17,560.4 | Customs | 18,292.9 | 12.75% |
| 12,342.9 | 18,031.0 | 19,862.3 | 17,988.5 | 17,385.0 | Companies | 18,795.0 | 13.10% |
| 20,630.9 | 26,016.2 | 24,690.6 | 25,880.1 | 29,151.0 | GST | 29,450.0 | 20.53% |
| 33,331.7 | 31,633.9 | 35,217.3 | 47,789.2 | 52,832.0 | PAYE deductions | 54,119.0 | 37.73% |
| 96,617 | 107,289 | 116,756 | 131,818 | 140,219 | Grand Total | 143,445 | 100% |
| 317,382 | 342,989 | 363,882 | 395,563 | 407,646 | GDP (nominal, per RBNZ | 421,900 | |
| 30% | 31% | 32% | 33% | 34% | Govt taxation - % of GDP | 34% | |
| and this compares with taxes collected as follows: | |||||||
| 127,948 | 129,986 | 154,114 | 154,562 | 171,383 | Total Expenditure | 170,308 | |
Sources: You can download the data behind these tables from the Treasury website here.
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