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Budget 2016 Home Page Budget Economic and Fiscal Update 2016

Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue (Accrual)
2015
Actual
$m
2016
Previous
Budget
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m

Taxation Revenue (accrual)

Individuals

Source deductions 25,309 26,364 26,578 27,778 28,835 30,256 31,795
Other persons 5,848 5,584 5,705 5,865 6,229 6,634 6,926
Refunds (1,595) (1,696) (1,698) (1,712) (1,717) (1,730) (1,796)
Fringe benefit tax 514 540 529 547 563 588 612
Total individuals 30,076 30,792 31,114 32,478 33,910 35,748 37,537

Corporate Tax

Gross companies tax 9,972 9,785 10,578 10,645 11,520 12,402 12,990
Refunds (143) (148) (240) (207) (214) (232) (246)
Non-resident withholding tax 470 506 624 504 550 639 711
Foreign-source dividend w/holding payments (3) 2 (9) 2 2 2 2
Total corporate tax 10,296 10,145 10,953 10,944 11,858 12,811 13,457

Other Direct Income Tax

Resident w/holding tax on interest income 1,830 2,094 1,791 1,629 1,701 2,172 2,897
Resident w/holding tax on dividend income 543 537 590 604 637 681 710
Total other direct income tax 2,373 2,631 2,381 2,233 2,338 2,853 3,607
Total direct income tax 42,745 43,568 44,448 45,655 48,106 51,412 54,601

Goods and Services Tax

Gross goods and services tax 28,123 30,242 28,969 29,855 31,938 33,571 34,640
Refunds (10,954) (11,949) (10,840) (10,801) (11,774) (12,380) (12,737)
Total goods and services tax 17,169 18,293 18,129 19,054 20,164 21,191 21,903

Other Indirect Taxation

Road user charges 1,283 1,339 1,345 1,361 1,418 1,479 1,529
Petroleum fuels excise – domestic production 1,018 1,074 1,168 1,176 1,180 1,185 1,187
Alcohol excise – domestic production 651 689 663 666 690 715 740
Tobacco excise – domestic production 310 309 377 345 352 365 379
Petroleum fuels excise – imports1 721 717 657 660 661 665 667
Alcohol excise – imports1 259 255 269 265 268 278 288
Tobacco excise – imports1 1,197 1,197 1,243 1,342 1,369 1,422 1,478
Other customs duty 214 160 127 175 175 175 175
Gaming duties 214 213 221 220 221 222 223
Motor vehicle fees 181 200 207 225 228 231 234
Approved issuer levy and cheque duty 57 47 44 46 49 58 66
Energy resources levies 36 37 33 31 30 30 30
Total other indirect taxation 6,141 6,237 6,354 6,512 6,641 6,825 6,996
Total indirect taxation 23,310 24,530 24,483 25,566 26,805 28,016 28,899
Total taxation revenue 66,055 68,098 68,931 71,221 74,911 79,428 83,500

Other Sovereign Revenue (accrual)

ACC levies 3,276 2,941 2,766 2,668 2,752 2,891 3,011
Fire Service levies 351 357 371 363 370 375 381
EQC levies 281 281 284 290 291 294 297
Child support and working for families penalties 283 278 275 274 276 282 289
Court fines 110 110 104 111 112 112 112
Other miscellaneous items 652 639 837 887 982 1,061 1,061
Total other sovereign revenue 4,953 4,606 4,637 4,593 4,783 5,015 5,151
Total sovereign revenue 71,008 72,704 73,568 75,814 79,694 84,443 88,651
  1. Customs excise-equivalent duty.
NOTE 1 (continued): Sovereign Receipts (Cash)
2015
Actual
$m
2016
Previous
Budget
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m

Taxation Receipts (cash)

Individuals

Source deductions 25,128 26,229 26,484 27,664 28,718 30,133 31,672
Other persons 6,044 5,823 6,010 6,196 6,616 6,915 7,134
Refunds (2,275) (2,273) (2,393) (2,438) (2,493) (2,478) (2,482)
Fringe benefit tax 498 538 528 546 562 587 611
Total individuals 29,395 30,317 30,629 31,968 33,403 35,157 36,935

Corporate Tax

Gross companies tax 10,484 9,956 11,507 10,739 11,325 12,607 13,151
Refunds (600) (561) (917) (613) (633) (682) (730)
Non-resident withholding tax 532 505 602 504 550 639 711
Foreign-source dividend w/holding payments (5) 2 (6) 2 2 2 2
Total corporate tax 10,411 9,902 11,186 10,632 11,244 12,566 13,134

Other Direct Income Tax

Resident w/holding tax on interest income 1,810 2,093 1,787 1,628 1,700 2,171 2,896
Resident w/holding tax on dividend income 542 537 590 604 637 681 710
Total other direct income tax 2,352 2,630 2,377 2,232 2,337 2,852 3,606
Total direct income tax 42,158 42,849 44,192 44,832 46,984 50,575 53,675

Goods and Services Tax

Gross goods and services tax 27,609 29,364 28,347 29,283 31,337 32,956 34,025
Refunds (10,900) (11,449) (10,590) (10,551) (11,524) (12,130) (12,487)
Total goods and services tax 16,709 17,915 17,757 18,732 19,813 20,826 21,538

Other Indirect Taxation

 
Road user charges 1,283 1,339 1,345 1,361 1,418 1,479 1,529
Petroleum fuels excise – domestic production 988 1,074 1,190 1,176 1,180 1,185 1,187
Alcohol excise – domestic production 652 689 663 666 690 715 740
Tobacco excise – domestic production 284 309 372 345 352 365 379
Customs duty 2,395 2,329 2,378 2,424 2,472 2,535 2,602
Gaming duties 214 213 221 220 221 222 223
Motor vehicle fees 173 200 207 225 228 231 234
Approved issuer levy and cheque duty 53 47 43 46 49 58 66
Energy resources levies 36 37 33 31 30 30 30
Total other indirect taxation 6,078 6,237 6,452 6,494 6,640 6,820 6,990
Total indirect taxation 22,787 24,152 24,209 25,226 26,453 27,646 28,528
Total taxation receipts 64,945 67,001 68,401 70,058 73,437 78,221 82,203

Other Sovereign Receipts (cash)

ACC levies 3,170 2,858 3,037 2,602 2,720 2,892 3,015
Fire Service levies 351 357 370 362 369 374 380
EQC levies 281 280 283 289 291 294 297
Child support and working for families penalties 208 216 212 212 213 218 222
Court fines 148 153 134 152 152 152 152
Other miscellaneous items 573 493 530 537 541 544 502
Total other sovereign receipts 4,731 4,357 4,566 4,154 4,286 4,474 4,568
Total sovereign receipts 69,676 71,358 72,967 74,212 77,723 82,695 86,771
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