For the year ended 30 June 2021.
| Actual 2020 ($000) | Actual 2021 ($000) | Unaudited revised budget1 2021 ($000) | Unaudited budget 2021 ($000) | Unaudited forecast 2022 ($000) | |
|---|---|---|---|---|---|
| Vote: Revenue | |||||
| Benefits and other unrequited expenses | |||||
| $184,059 | Best Start tax credit PLA | $271,100 | $276,000 | $336,000 | $405,000 |
| $296,622 | Child support payments PLA | $281,234 | $284,000 | $272,000 | $286,000 |
| $558 | Child tax credit PLA | – | – | $100 | – |
| $2,188,954 | Family tax credit PLA | $2,102,743 | $2,130,000 | $2,139,000 | $2,064,000 |
| $620,964 | In-work tax credit PLA | $571,734 | $602,000 | $631,000 | $620,000 |
| $6,624 | KiwiSaver: Interest | $391 | $1,000 | $5,000 | $1,000 |
| $859,123 | KiwiSaver: Tax credit | $915,571 | $938,000 | $930,000 | $973,000 |
| $18,426 | Minimum family tax credit PLA | $13,220 | $21,000 | $22,000 | $27,000 |
| $422,146 | Paid parental leave payments | $503,310 | $528,000 | $455,000 | $540,000 |
| $2,460 | Parental tax credit PLA | – | – | – | – |
| $6,761 | Payroll subsidy PLA | – | – | – | – |
| $213,000 | Research and development tax incentive2 | $250,000 | $250,000 | $281,000 | – |
| $4,819,697 | Total benefits and other unrequited expenses | $4,909,303 | $5,030,000 | $5,071,100 | $4,916,000 |
| Borrowing expenses | |||||
| $1,438 | Environmental restoration account interest PLA | $1,418 | $1,400 | $1,500 | $1,400 |
| $6,453 | Income equalisation interest PLA | $6,476 | $7,000 | $10,000 | $10,000 |
| $7,891 | Total borrowing expenses | $7,894 | $8,400 | $11,500 | $11,400 |
| Other expenses | |||||
| – | COVID-19 Resurgence Support Payment3 | $199,983 | $400,000 | – | – |
| $1,356,750 | Impairment of debt and debt write-offs4 | $881,659 | $1,241,000 | $880,000 | $841,000 |
| – | Impairment of debt relating to child support | – | $20,000 | – | – |
| – | Impairment of debt relating to student loans | – | $86,000 | – | – |
| $685,453 | Initial fair value write-down relating to Small Business Cashflow Scheme COVID-195 | $142,920 | $180,000 | – | $84,000 |
| $506,118 | Initial fair value write-down relating to student loans | $468,594 | $496,000 | $558,000 | $515,000 |
| $2,148,158 | KiwiSaver: Employee and Employer Contributions PLA | $7,042,195 | $6,950,000 | $6,967,000 | $7,540,000 |
| – | KiwiSaver ex gratia payments6 | $7,235 | $10,000 | – | – |
| – | Research and development tax incentive2 | $63,000 | $63,000 | – | $453,500 |
| $4,696,479 | Total other expenses | $8,805,586 | $9,446,000 | $8,405,000 | $9,433,500 |
| Capital Expenditure | |||||
| $1,428,026 | Small Business Cashflow Scheme5 | $297,749 | $374,000 | – | $175,000 |
| $1,428,026 | Total capital expenditure | $297,749 | $374,000 | – | $175,000 |
| $10,952,093 | Total appropriations | $14,020,532 | $14,858,400 | $13,487,600 | 14,535,900 |
1 The revised budget figures for 2020-21 are those included in the Addition to the Supplementary Estimates of Appropriations for the Government of New Zealand for the year ending 30 June 2021, including updates made for late-breaking Government decisions, particularly in relation to COVID-19 pandemic relief measures.
2 The research and development tax incentive has been reclassified from Benefits and other requited expenses to Other expenses from May 2021.
3 The COVID-19 Resurgence Support Payment is a new appropriation commencing 22 February 2021.
4 Impairment of debt and debt write-offs relates to general tax, Working for Families Tax Credits and KiwiSaver debt.
5 The Small Business Cashflow (loan) Scheme commenced on 12 May 2020. Expenditure in 2019-20 is for a partial year.
6 The KiwiSaver ex-gratia payments is a new appropriation established on 26 January 2021.
PLA refers to appropriations established under a permanent legislative authority.
All of the non-departmental appropriations administered by the department are exempt from the requirements to report end-of-year performance information, under section 1D of the Public Finance Act 1989.
The budget, revised budget and forecast figures have been prepared in accordance with NZ GAAP, using the same accounting policies as those adopted to prepare the non-departmental financial schedules.
For a full understanding of the Crown’s financial position, and the results of its operations for the year, refer to the consolidated Financial Statements of the Government of New Zealand for the year ended 30 June 2021.