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Budget 2012 Home Page Budget Economic and Fiscal Update 2012

Notes to the Forecast Financial Statements

NOTE 1: Revenue collected through the Crown's sovereign power
2011
Actual
$m
2012
Previous
Budget
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m

Taxation revenue (accrual)

Individuals

Source deductions 20,857 21,165 21,169 22,563 24,057 25,622 27,231
Other persons 3,791 4,342 4,242 4,386 4,609 4,802 4,992
Refunds (1,679) (1,656) (1,657) (1,567) (1,466) (1,394) (1,326)
Fringe benefit tax 462 430 444 458 482 507 532
Total individuals 23,431 24,281 24,198 25,840 27,682 29,537 31,429

Corporate tax

Gross companies tax 6,687 7,978 8,019 8,301 8,961 9,469 9,975
Refunds (197) (400) (274) (279) (305) (342) (349)
Non-resident withholding tax 467 508 451 455 513 572 613
Foreign-source dividend w/holding payments 1 5
Total corporate tax 6,957 8,087 8,201 8,477 9,169 9,699 10,239

Other direct income tax

Resident w/holding tax on interest income 1,704 1,665 1,671 1,673 1,893 2,208 2,503
Resident w/holding tax on dividend income 195 209 288 375 575 605 630
Estate and gift duties 2
Total other direct income tax 1,901 1,874 1,959 2,048 2,468 2,813 3,133
Total direct income tax 32,289 34,242 34,358 36,365 39,319 42,049 44,801

Goods and services tax

Gross goods and services tax 23,484 26,007 25,853 26,795 29,730 32,152 34,639
Refunds (9,776) (10,965) (11,212) (11,052) (12,450) (13,869) (15,377)
Total goods and services tax 13,708 15,042 14,641 15,743 17,280 18,283 19,262

Other indirect taxation

Road user charges 1,016 1,049 1,038 1,152 1,240 1,320 1,399
Petroleum fuels excise - domestic production 872 886 885 939 969 1,012 1,041
Alcohol excise - domestic production 623 665 665 698 734 769 803
Tobacco excise - domestic production 220 251 254 223 211 218 227
Petroleum fuels excise - imports1 575 668 602 626 646 675 694
Alcohol excise - imports1 229 250 240 249 260 272 284
Tobacco excise - imports1 924 1,005 957 983 1,030 1,066 1,108
Other customs duty 188 130 190 179 172 162 155
Gaming duties 214 223 229 231 233 237 242
Motor vehicle fees 172 168 174 170 171 173 176
Energy resources levies 36 38 33 36 36 36 36
Approved issuer levy and cheque duty 62 73 65 69 69 69 69
Total other indirect taxation 5,131 5,406 5,332 5,555 5,771 6,009 6,234
Total indirect taxation 18,839 20,448 19,973 21,298 23,051 24,292 25,496
Total taxation revenue 51,128 54,690 54,331 57,663 62,370 66,341 70,297

Other sovereign revenue (accrual)

ACC levies 3,586 3,882 3,670 3,395 3,484 3,573 3,663
Fire Service levies 312 309 322 313 319 326 337
EQC levies 88 89 98 240 272 275 277
Other miscellaneous items 1,295 1,528 1,022 1,498 1,604 1,698 1,944
Total other sovereign revenue 5,281 5,808 5,112 5,446 5,679 5,872 6,221
Total sovereign revenue 56,409 60,498 59,443 63,109 68,049 72,213 76,518

1: Customs excise-equivalent duty.

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