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Budget 2014 Home Page Budget Economic and Fiscal Update 2014

Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue (Accrual)

2013
Actual
$m
2014
Previous
Budget
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m

Taxation revenue (accrual)

Individuals

Source deductions 22,330 23,709 23,811 25,224 26,627 28,175 29,849
Other persons 5,210 5,083 5,161 5,428 5,681 5,955 6,106
Refunds (1,644) (1,488) (1,531) (1,395) (1,520) (1,609) (1,635)
Fringe benefit tax 480 477 487 512 533 556 581
Total individuals 26,376 27,781 27,928 29,769 31,321 33,077 34,901

Corporate tax

Gross companies tax 8,747 9,240 9,195 9,555 9,956 10,220 10,450
Refunds (151) (197) (195) (207) (233) (240) (248)
Non-resident withholding tax 420 447 421 481 528 551 569
Foreign-source dividend w/holding payments 2 2 2 2 2 2
Total corporate tax 9,018 9,490 9,423 9,831 10,253 10,533 10,773

Other direct income tax

Resident w/holding tax on interest income 1,631 1,671 1,642 2,007 2,638 3,022 3,381
Resident w/holding tax on dividend income 516 607 472 495 516 534 545
Total other direct income tax 2,147 2,278 2,114 2,502 3,154 3,556 3,926
Total direct income tax 37,541 39,549 39,465 42,102 44,728 47,166 49,600

Goods and services tax

Gross goods and services tax 25,125 27,220 27,364 29,392 30,722 32,241 34,410
Refunds (9,920) (10,695) (11,079) (11,630) (11,832) (12,568) (13,807)
Total goods and services tax 15,205 16,525 16,285 17,762 18,890 19,673 20,603

Other indirect taxation

Road user charges 1,066 1,164 1,162 1,268 1,366 1,425 1,473
Petroleum fuels excise – domestic production 855 931 848 936 1,088 1,214 1,246
Alcohol excise – domestic production 663 678 655 681 707 738 770
Tobacco excise – domestic production 281 277 274 286 297 309 308
Petroleum fuels excise – imports1 674 659 746 766 725 654 671
Alcohol excise – imports1 250 267 246 255 265 276 288
Tobacco excise – imports1 954 1,043 1,029 1,108 1,186 1,235 1,232
Other customs duty 178 172 169 155 147 139 132
Gaming duties 214 223 211 209 210 210 211
Motor vehicle fees 174 187 186 195 202 208 213
Approved issuer levy and cheque duty 45 62 68 65 65 65 65
Energy resources levies 34 36 36 36 36 36 36
Total other indirect taxation 5,388 5,699 5,630 5,960 6,294 6,509 6,645
Total indirect taxation 20,593 22,224 21,915 23,722 25,184 26,182 27,248
Total taxation revenue 58,134 61,773 61,380 65,824 69,912 73,348 76,848

Other sovereign revenue (accrual)

ACC levies 3,437 3,465 3,546 3,172 2,966 2,897 2,972
Fire Service levies 331 338 338 348 350 353 358
EQC levies 242 269 275 282 285 288 291
Child support 590 729 604 665 523 550 584
Court fines 168 173 173 173 173 173 173
Other miscellaneous items 404 322 447 498 529 529 531
Total other sovereign revenue 5,172 5,296 5,383 5,138 4,826 4,790 4,909
Total sovereign revenue 63,306 67,069 66,763 70,962 74,738 78,138 81,757

1. Customs excise-equivalent duty.

NOTE 1 (continued):  Sovereign Receipts (Cash)

2013
Actual
$m
2014
Previous
Budget
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m

Taxation receipts (cash)

Individuals

Source deductions 22,188 23,584 23,665 25,074 26,471 28,019 29,685
Other persons 5,194 5,549 5,655 5,964 6,184 6,429 6,632
Refunds (2,251) (2,222) (2,149) (2,211) (2,321) (2,372) (2,472)
Fringe benefit tax 465 476 485 510 531 554 579
Total individuals 25,596 27,387 27,656 29,337 30,865 32,630 34,424

Corporate tax

Gross companies tax 8,665 9,495 9,390 9,963 10,269 10,647 10,857
Refunds (597) (766) (652) (703) (755) (785) (811)
Non-resident withholding tax 451 446 399 480 527 550 568
Foreign-source dividend w/holding payments 1 2 2 2 2 2
Total corporate tax 8,520 9,175 9,139 9,742 10,043 10,414 10,616

Other direct income tax

Resident w/holding tax on interest income 1,635 1,670 1,641 2,005 2,636 3,020 3,379
Resident w/holding tax on dividend income 516 607 471 495 516 534 545
Total other direct income tax 2,151 2,277 2,112 2,500 3,152 3,554 3,924
Total direct income tax 36,267 38,839 38,907 41,579 44,060 46,598 48,964

Goods and services tax

Gross goods and services tax 24,539 26,352 26,537 28,504 29,809 31,318 33,485
Refunds (9,783) (10,195) (10,629) (11,130) (11,332) (12,068) (13,307)
Total goods and services tax 14,756 16,157 15,908 17,374 18,477 19,250 20,178

Other indirect taxation

 
Road user charges 1,064 1,164 1,162 1,268 1,366 1,425 1,473
Petroleum fuels excise – domestic production 865 931 848 936 1,088 1,214 1,246
Alcohol excise – domestic production 666 678 655 681 707 738 770
Tobacco excise – domestic production 287 277 274 286 297 309 308
Customs duty 2,035 2,141 2,190 2,284 2,323 2,304 2,323
Gaming duties 216 223 208 209 210 210 211
Motor vehicle fees 179 187 186 195 202 208 213
Approved issuer levy and cheque duty 44 62 68 65 65 65 65
Energy resources levies 34 36 36 36 36 36 36
Total other indirect taxation 5,390 5,699 5,627 5,960 6,294 6,509 6,645
Total indirect taxation 20,146 21,856 21,535 23,334 24,771 25,759 26,823
Total taxation receipts 56,413 60,695 60,442 64,913 68,831 72,357 75,787

Other sovereign receipts (cash)

ACC levies 3,524 3,438 3,550 3,174 2,959 3,049 3,133
Fire Service levies 331 338 338 348 350 353 358
EQC levies 274 267 278 282 285 287 290
Child support 230 237 227 252 267 278 293
Court fines 159 148 148 137 137 137 137
Other miscellaneous items 288 319 428 452 456 456 456
Total other sovereign receipts 4,806 4,747 4,969 4,645 4,454 4,560 4,667
Total sovereign receipts 61,219 65,442 65,411 69,558 73,285 76,917 80,454
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