Schedule of non-departmental expenditure

For the year ended 30 June 2021

Actual 2020
($000)

Notes

Actual 2021
($000)

Unaudited budget 2021
($000)

Unaudited forecast 2022
($000)

Benefits and other unrequited expenses

$184,059

Best Start tax credit

$271,100

$336,000

$405,000

$558

Child tax credit

–

$100

–

$2,188,954

Family tax credit

$2,102,743

$2,139,000

$2,064,000

$620,964

In-work tax credit

$571,734

$631,000

$620,000

$6,624

KiwiSaver: Interest

$391

$5,000

$1,000

$859,123

KiwiSaver: Tax credit

$915,571

$930,000

$973,000

$18,426

Minimum family tax credit

$13,220

$22,000

$27,000

$422,146

Paid parental leave payments

$503,310

$455,000

$540,000

$2,460

Parental tax credit

–

$6,761

Payroll subsidy

–

$4,310,075

Total benefits and other unrequited expenses

$4,378,069

$4,518,100

$4,630,000

Borrowing expenses

$ (15)

Adverse event interest

–

$1,438

Environmental restoration account interest

$1,418

$1,500

$1,400

$6,453

Income equalisation interest

$6,476

$10,000

$7,876

Total borrowing expenses

$7,894

$11,500

$11,400

Other expenses

–

COVID-19 Resurgence Support Payment

$199,983

–

$1,356,750

Impairment of debt and debt write-offs

2, 4

$881,659

$880,000

$841,000

$685,453

Initial fair value write-down relating to Small Business Cashflow Scheme COVID-19

2, 6

$142,920

–

$84,000

$506,118

Initial fair value write-down student loans

$468,594

$558,000

$515,000

–

Impairment of debt relating to child support

$(20,690)

–

KiwiSaver ex gratia payments

$7,235

–

$2,548,321

Total other expenses

$1,679,701

$1,438,000

$1,440,000

$6,866,272

Total expenditure excluding losses

$6,065,664

$5,967,600

$6,081,400

The accompanying accounting policies and notes form part of these financial schedules.

For a full understanding of the Crown’s financial position and the results of its operation and cash flows, refer to the consolidated ‘Financial Statements of the Government of New Zealand for the year ended 30 June 2021’.

Financial Statements of the Government of New Zealand for the Year Ended 30 June 2021- treasury.govt.nz