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Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue

NOTE 1: Sovereign Revenue (Accrual)
	2012 Actual $m	2013 Previous Budget $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m	2017 Forecast $m
Taxation revenue (accrual)
Individuals
Source deductions	21,237	22,563	22,387	23,709	24,891	26,114	27,530
Other persons	4,232	4,386	5,026	5,083	5,438	5,620	5,737
Refunds	(1,736)	(1,567)	(1,473)	(1,488)	(1,508)	(1,523)	(1,525)
Fringe benefit tax	462	458	460	477	499	518	540
Total individuals	24,195	25,840	26,400	27,781	29,320	30,729	32,282
Corporate tax
Gross companies tax	8,310	8,301	8,372	9,240	9,750	10,095	10,340
Refunds	(202)	(279)	(197)	(197)	(204)	(213)	(222)
Non-resident withholding tax	500	455	448	447	497	558	606
Foreign-source dividend w/holding payments	4	-	-	-	-	-	-
Total corporate tax	8,612	8,477	8,623	9,490	10,043	10,440	10,724
Other direct income tax
Resident w/holding tax on interest income	1,679	1,673	1,602	1,671	1,869	2,329	2,685
Resident w/holding tax on dividend income	292	375	394	607	623	644	657
Total other direct income tax	1,971	2,048	1,996	2,278	2,492	2,973	3,342
Total direct income tax	34,778	36,365	37,019	39,549	41,855	44,142	46,348
Goods and services tax
Gross goods and services tax	25,199	26,795	25,490	27,220	28,866	30,633	32,463
Refunds	(10,627)	(11,052)	(10,085)	(10,695)	(11,322)	(12,184)	(13,348)
Total goods and services tax	14,572	15,743	15,405	16,525	17,544	18,449	19,115
Other indirect taxation
Road user charges	1,045	1,152	1,062	1,164	1,264	1,363	1,426
Petroleum fuels excise – domestic production	847	939	878	931	991	1,056	1,083
Alcohol excise – domestic production	656	698	656	678	706	735	765
Tobacco excise – domestic production	244	223	288	277	282	289	300
Petroleum fuels excise – imports¹	631	626	611	659	702	748	768
Alcohol excise – imports¹	241	249	258	267	277	289	299
Tobacco excise – imports¹	993	983	986	1,043	1,093	1,155	1,200
Other customs duty	173	179	182	172	164	154	148
Gaming duties	216	231	225	223	225	227	229
Motor vehicle fees	175	170	178	187	193	198	203
Approved issuer levy and cheque duty	58	69	55	62	62	62	62
Energy resources levies	36	36	36	36	36	36	36
Total other indirect taxation	5,315	5,555	5,415	5,699	5,995	6,312	6,519
Total indirect taxation	19,887	21,298	20,820	22,224	23,539	24,761	25,634
Total taxation revenue	54,665	57,663	57,839	61,773	65,394	68,903	71,982
Other sovereign revenue (accrual)
ACC levies	3,695	3,395	3,409	3,465	3,548	3,638	3,736
Fire Service levies	326	313	333	338	341	351	351
EQC levies	107	240	240	269	275	277	280
Child support	311	660	647	729	767	605	654
Court fines	176	178	173	173	173	173	173
Other miscellaneous items	515	660	324	322	331	335	337
Total other sovereign revenue	5,130	5,446	5,126	5,296	5,435	5,379	5,531
Revenue contingency for ACC levy reductions	-	-	-	-	(300)	(1,000)	(1,000)
Total sovereign revenue	59,795	63,109	62,965	67,069	70,529	73,282	76,513

Customs excise-equivalent duty.

NOTE 1 (continued): Sovereign Receipts (Cash)
	2012 Actual $m	2013 Previous Budget $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m	2017 Forecast $m
Taxation receipts (cash)
Individuals
Source deductions	21,010	22,450	22,240	23,584	24,761	25,980	27,395
Other persons	4,720	5,062	5,278	5,549	5,910	6,105	6,197
Refunds	(2,468)	(2,493)	(2,252)	(2,222)	(2,193)	(2,268)	(2,223)
Fringe benefit tax	458	457	458	476	498	517	539
Total individuals	23,720	25,476	25,724	27,387	28,976	30,334	31,908
Corporate tax
Gross companies tax	8,792	8,737	8,754	9,495	10,112	10,530	10,716
Refunds	(814)	(756)	(667)	(766)	(757)	(793)	(828)
Non-resident withholding tax	434	454	448	446	496	557	605
Foreign-source dividend w/holding payments	4	-	-	-	-	-	-
Total corporate tax	8,416	8,435	8,535	9,175	9,851	10,294	10,493
Other direct income tax
Resident w/holding tax on interest income	1,699	1,672	1,601	1,670	1,868	2,328	2,684
Resident w/holding tax on dividend income	290	375	394	607	623	644	657
Total other direct income tax	1,989	2,047	1,995	2,277	2,491	2,972	3,341
Total direct income tax	34,125	35,958	36,254	38,839	41,318	43,600	45,742
Goods and services tax
Gross goods and services tax	24,574	25,895	24,855	26,352	28,044	29,790	31,623
Refunds	(10,435)	(10,552)	(9,785)	(10,195)	(10,822)	(11,684)	(12,848)
Total goods and services tax	14,139	15,343	15,070	16,157	17,222	18,106	18,775
Other indirect taxation
Road user charges	1,048	1,152	1,062	1,164	1,264	1,363	1,426
Petroleum fuels excise – domestic production	845	939	878	931	991	1,056	1,083
Alcohol excise – domestic production	654	698	656	678	706	735	765
Tobacco excise – domestic production	238	223	288	277	282	289	300
Customs duty	2,057	2,037	2,037	2,141	2,236	2,346	2,415
Gaming duties	216	231	224	223	225	227	229
Motor vehicle fees	169	170	178	187	193	198	203
Approved issuer levy and cheque duty	55	69	55	62	62	62	62
Energy resources levies	36	36	36	36	36	36	36
Total other indirect taxation	5,318	5,555	5,414	5,699	5,995	6,312	6,519
Total indirect taxation	19,457	20,898	20,484	21,856	23,217	24,418	25,294
Total taxation receipts	53,582	56,856	56,738	60,695	64,535	68,018	71,036
Other sovereign receipts (cash)
ACC levies	3,693	3,413	3,427	3,438	3,525	3,688	3,787
Fire Service levies	326	313	333	338	341	351	351
EQC levies	134	270	276	267	275	278	281
Child support	243	225	241	237	248	259	270
Court fines	157	144	161	148	137	137	137
Other miscellaneous items	337	364	320	319	327	331	332
Total other sovereign receipts	4,890	4,729	4,758	4,747	4,853	5,044	5,158
Revenue contingency for ACC levy reductions	-	-	-	-	(300)	(1,000)	(1,000)
Total sovereign receipts	58,472	61,585	61,496	65,442	69,088	72,062	75,194

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Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue

Taxation revenue (accrual)

Individuals

Corporate tax

Other direct income tax

Goods and services tax

Other indirect taxation

Other sovereign revenue (accrual)

Taxation receipts (cash)

Individuals

Corporate tax

Other direct income tax

Goods and services tax

Other indirect taxation

Other sovereign receipts (cash)