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Budget 2011 Home Page Budget Economic and Fiscal Update 2011

Notes to the Forecast Financial Statements

NOTE 1: Revenue collected through the Crown's sovereign power
2010
Actual
$m
2011
Previous
Budget
$m
2011
Forecast
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m

Taxation revenue (accrual)

Individuals

Source deductions 21,774 20,174 20,670 21,165 23,129 24,722 26,339
Other persons 3,987 4,403 3,822 4,342 4,672 4,654 4,748
Refunds (1,831) (1,484) (1,681) (1,656) (1,701) (1,574) (1,435)
Fringe benefit tax 461 430 461 430 457 481 505
Total individuals 24,391 23,523 23,272 24,281 26,557 28,283 30,157

Corporate tax

Gross companies tax 6,698 8,214 6,907 7,978 8,293 8,979 9,381
Refunds (379) (376) (363) (400) (446) (465) (460)
Non-resident withholding tax 884 628 498 508 573 643 688
Foreign-source dividend w/holding payments (3) 8 1 1 1 1 1
Total corporate tax 7,200 8,474 7,043 8,087 8,421 9,158 9,610

Other direct income tax

Resident w/holding tax on interest income 1,804 1,465 1,707 1,665 1,986 2,527 3,084
Resident w/holding tax on dividend income 130 240 203 209 292 470 489
Estate and gift duties 2 1 2
Total other direct income tax 1,936 1,706 1,912 1,874 2,278 2,997 3,573
Total direct income tax 33,527 33,703 32,227 34,242 37,256 40,438 43,340

Goods and services tax

Gross goods and services tax 19,797 23,968 23,253 26,007 28,354 31,536 33,143
Refunds (7,880) (9,524) (10,047) (10,965) (11,928) (13,981) (14,675)
Total goods and services tax 11,917 14,444 13,206 15,042 16,426 17,555 18,468

Other indirect taxation

Road user charges 910 955 995 1,049 1,134 1,214 1,289
Petroleum fuels excise - domestic production 805 907 862 886 903 940 975
Alcohol excise - domestic production 600 657 625 665 700 732 765
Tobacco excise - domestic production 217 209 238 251 259 257 259
Petroleum fuels excise - imports1 622 600 650 668 681 709 735
Alcohol excise - imports1 225 242 234 250 263 274 287
Tobacco excise - imports1 851 1,020 953 1,005 1,035 1,029 1,034
Other customs duty 175 198 154 130 110 95 80
Gaming duties 219 228 218 223 223 226 228
Motor vehicle fees 171 175 169 168 171 174 177
Energy resources levies 39 38 36 38 36 36 36
Approved issuer levy and cheque duty 69 81 73 73 73 73 73
Total other indirect taxation 4,903 5,310 5,207 5,406 5,588 5,759 5,938
Total indirect taxation 16,820 19,754 18,413 20,448 22,014 23,314 24,406
Total taxation revenue 50,347 53,457 50,640 54,690 59,270 63,752 67,746

Other sovereign revenue (accrual)

ACC levies 3,261 3,823 3,670 3,882 3,992 4,072 4,187
Fire Service levies 301 309 313 309 315 322 328
EQC levies 86 87 87 89 90 91 92
Other miscellaneous items 1,034 1,540 1,374 1,528 1,821 2,156 2,716
Total other sovereign revenue 4,682 5,759 5,444 5,808 6,218 6,641 7,323
Total sovereign revenue 55,029 59,216 56,084 60,498 65,488 70,393 75,069

Note 1: Customs excise-equivalent duty.

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