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Budget 2015 Home Page Budget Economic and Fiscal Update 2015

Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue (Accrual)
2014
Actual
$m
2015
Previous
Budget
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m

Taxation Revenue (accrual)

Individuals

Source deductions 23,738 25,224 25,114 26,364 27,710 29,173 30,766
Other persons 5,216 5,428 5,661 5,584 6,018 6,399 6,578
Refunds (1,573) (1,395) (1,517) (1,696) (1,680) (1,710) (1,783)
Fringe benefit tax 489 512 519 540 561 585 609
Total individuals 27,870 29,769 29,777 30,792 32,609 34,447 36,170

Corporate Tax

Gross companies tax 9,020 9,555 9,838 9,785 10,369 10,988 11,423
Refunds (192) (207) (152) (148) (152) (160) (167)
Non-resident withholding tax 428 481 486 506 527 567 605
Foreign-source dividend w/holding payments 8 2 (2) 2 2 2 2
Total corporate tax 9,264 9,831 10,170 10,145 10,746 11,397 11,863

Other Direct Income Tax

Resident w/holding tax on interest income 1,644 2,007 1,777 2,094 2,243 2,567 3,045
Resident w/holding tax on dividend income 446 495 523 537 566 594 615
Total other direct income tax 2,090 2,502 2,300 2,631 2,809 3,161 3,660
Total direct income tax 39,224 42,102 42,247 43,568 46,164 49,005 51,693

Goods and Services Tax

Gross goods and services tax 27,208 29,392 28,519 30,242 31,754 33,384 34,663
Refunds (11,191) (11,630) (11,312) (11,949) (12,609) (12,957) (13,429)
Total goods and services tax 16,017 17,762 17,207 18,293 19,145 20,427 21,234

Other Indirect Taxation

Road user charges 1,205 1,268 1,265 1,339 1,396 1,475 1,543
Petroleum fuels excise – domestic production 865 936 972 1,074 1,191 1,219 1,243
Alcohol excise – domestic production 650 681 665 689 713 742 772
Tobacco excise – domestic production 273 286 307 309 310 309 309
Petroleum fuels excise – imports1 747 766 716 717 642 657 670
Alcohol excise – imports1 242 255 259 255 264 275 286
Tobacco excise – imports1 999 1,108 1,154 1,197 1,241 1,236 1,237
Other customs duty 172 155 169 160 152 144 136
Gaming duties 211 209 217 213 215 218 220
Motor vehicle fees 187 195 199 200 203 205 208
Approved issuer levy and cheque duty 52 65 48 47 47 47 47
Energy resources levies 35 36 37 37 35 36 35
Total other indirect taxation 5,638 5,960 6,008 6,237 6,409 6,563 6,706
Total indirect taxation 21,655 23,722 23,215 24,530 25,554 26,990 27,940
Total taxation revenue 60,879 65,824 65,462 68,098 71,718 75,995 79,633

Other Sovereign Revenue (accrual)

ACC levies 3,600 3,172 3,303 2,941 2,671 2,514 2,387
Fire Service levies 339 348 355 357 360 365 370
EQC levies 274 282 280 281 283 286 289
Child support 545 665 501 642 484 449 398
Court fines 179 173 179 178 179 180 181
Other miscellaneous items 513 498 573 639 644 650 659
Total other sovereign revenue 5,450 5,138 5,191 5,038 4,621 4,444 4,284
Total sovereign revenue 66,329 70,962 70,653 73,136 76,339 80,439 83,917
  1. Customs excise-equivalent duty.
NOTE 1 (continued): Sovereign Receipts (Cash)
2014
Actual
$m
2015
Previous
Budget
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m

Taxation Receipts (cash)

Individuals

Source deductions 23,621 25,074 24,982 26,229 27,569 29,027 30,612
Other persons 5,466 5,964 5,949 5,823 6,198 6,707 6,915
Refunds (2,276) (2,211) (2,111) (2,273) (2,252) (2,362) (2,474)
Fringe benefit tax 482 510 517 538 559 583 607
Total individuals 27,293 29,337 29,337 30,317 32,074 33,955 35,660

Corporate Tax

Gross companies tax 9,374 9,963 10,050 9,956 10,599 11,202 11,628
Refunds (563) (703) (544) (561) (579) (609) (637)
Non-resident withholding tax 405 480 517 505 526 566 604
Foreign-source dividend w/holding payments 2 (4) 2 2 2 2
Total corporate tax 9,216 9,742 10,019 9,902 10,548 11,161 11,597

Other Direct Income Tax

Resident w/holding tax on interest income 1,629 2,005 1,776 2,093 2,242 2,566 3,043
Resident w/holding tax on dividend income 449 495 523 537 566 594 615
Total other direct income tax 2,078 2,500 2,299 2,630 2,808 3,160 3,658
Total direct income tax 38,587 41,579 41,655 42,849 45,430 48,276 50,915

Goods and Services Tax

Gross goods and services tax 26,596 28,504 27,799 29,364 30,875 32,483 33,764
Refunds (10,948) (11,130) (10,812) (11,449) (12,109) (12,457) (12,929)
Total goods and services tax 15,648 17,374 16,987 17,915 18,766 20,026 20,835

Other Indirect Taxation

 
Road user charges 1,187 1,268 1,265 1,339 1,396 1,475 1,543
Petroleum fuels excise – domestic production 861 936 972 1,074 1,191 1,219 1,243
Alcohol excise – domestic production 651 681 665 689 713 742 772
Tobacco excise – domestic production 268 286 307 309 310 309 309
Customs duty 2,179 2,284 2,298 2,329 2,299 2,312 2,329
Gaming duties 208 209 217 213 215 218 220
Motor vehicle fees 178 195 199 200 203 205 208
Approved issuer levy and cheque duty 51 65 48 47 47 47 47
Energy resources levies 35 36 37 37 35 36 35
Total other indirect taxation 5,618 5,960 6,008 6,237 6,409 6,563 6,706
Total indirect taxation 21,266 23,334 22,995 24,152 25,175 26,589 27,541
Total taxation receipts 59,853 64,913 64,650 67,001 70,605 74,865 78,456

Other Sovereign Receipts (cash)

ACC levies 3,579 3,174 3,154 2,858 2,631 2,595 2,693
Fire Service levies 340 348 355 357 360 365 370
EQC levies 273 282 287 280 283 286 289
Child support 219 252 207 216 219 223 229
Court fines 149 137 152 153 153 153 154
Other miscellaneous items 414 452 487 493 494 495 498
Total other sovereign receipts 4,974 4,645 4,642 4,357 4,140 4,117 4,233
Total sovereign receipts 64,827 69,558 69,292 71,358 74,745 78,982 82,689
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