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The Taxation (Budget Measures) Bill was introduced under urgency on 20 May 2010. At the Committee of the Whole House stage, the Bill was split by Supplementary Order Paper No 124 into six amending Acts: the Taxation (Budget Measures) Act 2010, Government Superannuation Fund Amendment Act 1969 Amendment Act 2010, National Provident Fund Restructuring Amendment Act 2010, Social Security Amendment Act 2010, War Pensions Amendment Act 2010, and the New Zealand Superannuation and Retirement Income Amendment Act 2010. The resulting legislation was enacted on 27 May 2010.
The new legislation gives effect to tax reforms announced in Budget 2010, including personal and company tax cuts, a rise in the GST rate and changes to the investment property rules.