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Budget 2005 Home Page Half-Year Economic & Fiscal Update 2005

Notes to the Forecast Financial Statements

  2005 2006 Previous 2006 2007 2008 2009 2010
($ million) Actual Budget Forecast Forecast Forecast Forecast Forecast
NOTE 1:  Revenue Collected Through the Crown's Sovereign Power            
Income Tax Revenue (accrual)              
Individuals              
Source deductions 18,324 19,240 19,567 20,476 21,530 22,548 23,838
Other persons 4,103 4,051 4,221 4,523 4,615 4,454 4,870
Refunds (876) (874) (974) (995) (1,045) (1,045) (1,045)
Fringe benefit tax 441 456 458 435 453 477 498
Total Individuals 21,992 22,873 23,272 24,439 25,553 26,434 28,161
Corporate Tax              
Gross companies tax 7,537 7,798 8,202 8,227 7,713 7,466 9,053
Refunds (232) (162) (200) (205) (210) (215) (220)
Non-resident withholding tax 927 793 917 821 833 869 908
Foreign-source dividend withholding payments 188 176 222 227 232 237 242
Total Corporate Tax 8,420 8,605 9,141 9,070 8,568 8,357 9,983
Other Income Tax              
Resident withholding tax on interest income 1,501 1,459 1,745 1,814 1,801 1,852 1,975
Resident withholding tax on dividend income 59 63 67 57 58 60 62
Estate and gift duties 2 2 2 2 2 2 2
Total Other Income Tax 1,562 1,524 1,814 1,873 1,861 1,914 2,039
Total Income Tax 31,974 33,002 34,227 35,382 35,982 36,705 40,183
Goods and Services Tax              
Gross goods and services tax 17,378 17,479 18,037 18,604 19,396 20,345 21,244
Refunds (7,180) (7,115) (7,696) (8,097) (8,470) (8,736) (9,034)
Total Goods and Services Tax 10,198 10,364 10,341 10,507 10,926 11,609 12,210
Other Taxation              
Petroleum fuels excise 823 902 906 932 956 979 1,004
Tobacco excise 842 850 856 144 148 151 155
Customs duty 947 1,048 1,041 1,806 1,845 1,833 1,856
Road user charges 713 796 752 804 868 936 1,000
Alcohol excise 491 505 500 520 540 555 571
Gaming duties 281 288 268 289 293 298 301
Motor vehicle fees 217 219 224 228 235 241 251
Carbon charge ..  ..  ..  89 347 344 349
Energy resources levies 73 72 64 58 51 47 42
Approved issuer levy (AIL) and cheque duty 65 56 70 62 62 62 62
Total Other Indirect Taxation 4,452 4,736 4,681 4,932 5,345 5,446 5,591
Total Indirect Taxation 14,650 15,100 15,022 15,439 16,271 17,055 17,801
Total Tax Revenue Collected 46,624 48,102 49,249 50,821 52,253 53,760 57,984
Other Sovereign Revenues (accrual)              
ACC levies 2,119 2,097 2,089 2,167 2,234 2,299 2,346
Fire Service levies 249 242 250 255 260 265 271
EQC levies 80 82 81 83 85 87 88
Other levies 667 785 738 752 733 727 722
Total Other Sovereign Revenues 3,115 3,206 3,158 3,257 3,312 3,378 3,427
Total Sovereign Revenue 49,739 51,308 52,407 54,078 55,565 57,138 61,411


Notes to the Forecast Financial Statements

  2005 2006 Previous 2006 2007 2008 2009 2010
($ million) Actual Budget Forecast Forecast Forecast Forecast Forecast
NOTE 1:  Receipts Collected Through the Crown's Sovereign Power            
Income Tax Receipts (cash)              
Individuals              
Source deductions 18,380 19,240 19,524 20,476 21,530 22,548 23,838
Other persons 4,640 4,611 4,896 5,293 5,540 5,391 5,807
Refunds (1,365) (1,410) (1,636) (1,767) (1,972) (1,982) (1,982)
Fringe benefit tax 432 452 448 429 449 471 494
Total Individuals 22,087 22,893 23,232 24,431 25,547 26,428 28,157
Corporate Tax              
Gross companies tax 8,365 8,444 8,790 8,844 8,402 8,061 9,657
Refunds (735) (812) (790) (804) (807) (757) (825)
Non-resident withholding tax 949 779 910 821 833 869 908
Foreign-source dividend withholding payments 185 175 213 227 232 237 242
Total Corporate Tax 8,764 8,586 9,123 9,088 8,660 8,410 9,982
Other Income Tax              
Resident withholding tax on interest income 1,498 1,459 1,746 1,814 1,801 1,852 1,975
Resident withholding tax on dividend income 60 63 67 57 58 60 62
Estate and gift duties 2 2 2 2 2 2 2
Total Other Income Tax 1,560 1,524 1,815 1,873 1,861 1,914 2,039
Total Income Tax 32,411 33,003 34,170 35,392 36,068 36,752 40,178
Goods and Services Tax              
Gross goods and services tax 16,729 16,928 17,498 18,151 18,943 19,892 20,791
Refunds (6,719) (6,563) (7,200) (7,643) (8,016) (8,282) (8,580)
Total Goods and Services Tax 10,010 10,365 10,298 10,508 10,927 11,610 12,211
Other Taxation              
Petroleum fuels excise 812 902 904 930 952 974 1,000
Tobacco excise 838 850 857 144 148 151 155
Customs duty 968 1,048 1,041 1,806 1,845 1,833 1,856
Road user charges 714 792 747 800 864 932 995
Alcohol excise 483 505 500 520 539 555 571
Gaming duties 287 289 273 288 293 299 303
Motor vehicle fees 205 224 229 229 235 241 251
Carbon charge ..  ..  ..  59 347 344 349
Energy resources levies 73 72 66 58 52 47 41
Approved issuer levy (AIL) and cheque duty 66 56 67 62 62 62 62
Total Other Indirect Taxation 4,446 4,738 4,684 4,896 5,337 5,438 5,583
Total Indirect Taxation 14,456 15,103 14,982 15,404 16,264 17,048 17,794
Total Tax Receipts Collected 46,867 48,106 49,152 50,796 52,332 53,800 57,972
Other Sovereign Receipts (cash)              
ACC levies 2,052 2,063 2,201 2,139 2,240 2,273 2,315
Fire Service levies 249 242 250 255 260 265 271
EQC levies 81 82 82 83 84 85 86
Other levies 592 608 576 580 622 663 764
Total Other Sovereign Receipts 2,974 2,995 3,109 3,057 3,206 3,286 3,436
Total Sovereign Receipts 49,841 51,101 52,261 53,853 55,538 57,086 61,408

Notes to the Forecast Financial Statements

  2005 2006Previous 2006 2007 2008 2009 2010
($ million) Actual Budget Forecast Forecast Forecast Forecast Forecast
NOTE 2:  Sale of Goods and Services              
The Statement of Segments shows the sale of goods and services as a total for each area of the Crown Estate (ie, total sales for core Crown, Crown entities and SOEs).  The total for Crown entities includes such items as lottery sales, housing rental, CRI sales and so on.  The total sales of SOEs represents the majority of their income from electricity generation and distribution services, postal services, advertising, air travel sales and so on.   
NOTE 3:  Investment Income              
NZS Fund investment income 646 580 641 819 1,056 1,319 1,614
Other investment income 2,670 2,195 2,363 2,376 2,405 2,476 2,536
Student loans 498 547 289 137 150 162 173
Total Investment Income 3,814 3,322 3,293 3,332 3,611 3,957 4,323
NOTE 4:  Other Revenue              
Unrealised (losses)/gains arising from changes in the value of commercial forests (23) ..  ..  ..  ..  ..  .. 
GSF contributions 102 84 93 83 72 63 55
Petroleum royalties 51 43 61 55 45 36 32
Cost recovery income from Fisheries 30 30 30 30 30 30 32
Other 2,021 2,133 1,666 1,720 2,071 2,069 1,967
Total Other Revenue 2,181 2,290 1,850 1,888 2,218 2,198 2,086
NOTE 5:  Subsidies and Transfer Payments              
Social assistance grants              
New Zealand Superannuation 6,083 6,392 6,431 6,830 7,210 7,535 8,009
ACC payments 1,549 1,687 1,715 1,859 1,963 2,084 2,210
Unemployment Benefit 831 800 720 778 908 941 925
Domestic Purposes Benefit 1,547 1,501 1,485 1,492 1,534 1,555 1,571
Family Support 846 1,312 1,369 1,824 2,178 2,208 2,208
Student allowances 359 398 350 363 376 387 398
Other social assistance grants 4,182 4,430 4,487 4,759 4,948 5,109 5,266
Subsidies 118 125 140 128 128 128 128
Other transfer payments              
Official development assistance 297 320 345 333 371 371 367
Other 32 37 35 35 35 35 35
Total Subsidies and Transfer Payments 15,844 17,002 17,077 18,401 19,651 20,353 21,117
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