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Budget 2017 Home Page Budget Economic and Fiscal Update 2017

Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue (Accrual)
2016
Actual
$m
2017
Previous
Budget
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m
2021
Forecast
$m

Taxation Revenue (accrual)

Individuals

Source deductions 27,019 27,778 28,445 29,498 29,802 31,321 32,666
Other persons 5,786 5,865 6,245 6,497 6,726 6,968 7,332
Refunds (1,739) (1,712) (1,598) (1,686) (1,624) (1,528) (1,611)
Fringe benefit tax 502 547 530 554 580 604 624
Total individuals 31,568 32,478 33,622 34,863 35,484 37,365 39,011

Corporate Tax

Gross companies tax 10,566 10,645 11,720 12,110 13,245 14,144 14,922
Refunds (238) (207) (202) (206) (232) (247) (263)
Non-resident withholding tax 734 504 593 589 653 740 801
Foreign-source dividend w/holding payments (8) 2 (10)
Total corporate tax 11,054 10,944 12,101 12,493 13,666 14,637 15,460

Other Direct Income Tax

Resident w/holding tax on interest income 1,667 1,629 1,485 1,519 1,725 2,325 2,897
Resident w/holding tax on dividend income 626 604 684 685 719 747 775
Total other direct income tax 2,293 2,233 2,169 2,204 2,444 3,072 3,672
Total direct income tax 44,915 45,655 47,892 49,560 51,594 55,074 58,143

Goods and Services Tax

Gross goods and services tax 29,366 29,855 30,812 32,354 33,999 35,696 37,348
Refunds (11,158) (10,801) (11,365) (11,774) (12,110) (12,717) (13,573)
Total goods and services tax 18,208 19,054 19,447 20,580 21,889 22,979 23,775

Other Indirect Taxation

Road user charges 1,381 1,361 1,431 1,437 1,483 1,536 1,582
Petroleum fuels excise – domestic production 1,185 1,176 1,148 1,215 1,240 1,257 1,267
Alcohol excise – domestic production 671 666 679 712 731 756 780
Tobacco excise – domestic production 362 345 358 366 380 393 408
Petroleum fuels excise – imports1 691 660 736 685 699 709 714
Alcohol excise – imports1 276 265 291 291 299 309 319
Tobacco excise – imports1 1,348 1,342 1,318 1,349 1,403 1,458 1,516
Other customs duty 127 175 148 148 148 148 148
Gaming duties 220 220 240 231 236 240 245
Motor vehicle fees 214 225 237 235 239 241 244
Approved issuer levy and cheque duty 42 46 31 33 42 50 50
Energy resources levies 28 31 31 30 30 30 30
Total other indirect taxation 6,545 6,512 6,648 6,732 6,930 7,127 7,303
Total indirect taxation 24,753 25,566 26,095 27,312 28,819 30,106 31,078
Total taxation revenue 69,668 71,221 73,987 76,872 80,413 85,180 89,221

Other Sovereign Revenue (accrual)

ACC levies 2,819 2,668 2,806 2,689 2,853 3,225 3,401
Fire Service levies 372 363 387 518 520 523 527
EQC levies 280 290 281 329 436 440 445
Child support and working for families penalties 278 274 260 261 260 260 261
Court fines 100 111 103 96 96 96 96
Other miscellaneous items 794 887 1,060 1,164 1,287 1,305 1,334
Total other sovereign revenue 4,643 4,593 4,897 5,057 5,452 5,849 6,064
Total sovereign revenue 74,311 75,814 78,884 81,929 85,865 91,029 95,285
  1. Customs excise-equivalent duty.
NOTE 1 (continued): Sovereign Receipts (Cash)
2016
Actual
$m
2017
Previous
Budget
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m
2021
Forecast
$m

Taxation Receipts (cash)

Individuals

Source deductions 26,851 27,664 28,300 29,485 29,650 31,160 32,499
Other persons 6,170 6,196 6,574 6,868 7,112 7,397 7,658
Refunds (2,540) (2,438) (2,520) (2,526) (2,551) (2,509) (2,545)
Fringe benefit tax 506 546 530 554 580 604 624
Total individuals 30,987 31,968 32,884 34,381 34,791 36,652 38,236

Corporate Tax

Gross companies tax 11,287 10,739 12,134 11,989 13,455 14,437 15,213
Refunds (905) (613) (630) (676) (727) (780) (833)
Non-resident withholding tax 636 504 569 589 653 740 801
Foreign-source dividend w/holding payments (5) 2 3
Total corporate tax 11,013 10,632 12,076 11,902 13,381 14,397 15,181

Other Direct Income Tax

Resident w/holding tax on interest income 1,727 1,628 1,485 1,519 1,725 2,325 2,897
Resident w/holding tax on dividend income 620 604 684 685 719 747 775
Total other direct income tax 2,347 2,232 2,169 2,204 2,444 3,072 3,672
Total direct income tax 44,347 44,832 47,129 48,487 50,616 54,121 57,089

Goods and Services Tax

Gross goods and services tax 28,962 29,283 30,344 31,974 33,597 35,297 36,951
Refunds (10,973) (10,551) (11,205) (11,614) (11,950) (12,557) (13,413)
Total goods and services tax 17,989 18,732 19,139 20,360 21,647 22,740 23,538

Other Indirect Taxation

 
Road user charges 1,379 1,361 1,431 1,437 1,483 1,536 1,582
Petroleum fuels excise – domestic production 1,187 1,176 1,148 1,215 1,240 1,257 1,267
Alcohol excise – domestic production 667 666 679 712 731 756 780
Tobacco excise – domestic production 370 345 348 366 380 393 408
Customs duty 2,553 2,424 2,500 2,457 2,544 2,618 2,691
Gaming duties 220 220 240 231 236 240 245
Motor vehicle fees 240 225 237 235 239 241 244
Approved issuer levy and cheque duty 47 46 31 33 42 50 50
Energy resources levies 28 31 31 30 30 30 30
Total other indirect taxation 6,691 6,494 6,645 6,716 6,925 7,121 7,297
Total indirect taxation 24,680 25,226 25,784 27,076 28,572 29,861 30,835
Total taxation receipts 69,027 70,058 72,913 75,563 79,188 83,982 87,924

Other Sovereign Receipts (cash)

ACC levies 3,137 2,602 2,752 2,679 2,710 3,212 3,333
Fire Service levies 371 362 381 486 497 519 518
EQC levies 282 289 280 355 448 453 457
Child support and working for families penalties 211 212 212 212 211 210 210
Court fines 129 152 120 119 119 119 119
Other miscellaneous items 555 537 630 633 639 606 606
Total other sovereign receipts 4,685 4,154 4,375 4,484 4,624 5,119 5,243
Total sovereign receipts 73,712 74,212 77,288 80,047 83,812 89,101 93,167
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