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Budget 2013 Home Page Budget Economic and Fiscal Update 2013

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
  1. 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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