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Half Year Economic and Fiscal Update 2010

Notes to the Forecast Financial Statements

NOTE 1:  Revenue Collected Through the Crown's Sovereign Power

NOTE 1:  Revenue Collected Through the Crown's Sovereign Power
2010
Actual
$m
2011
Previous
Budget
$m
2011
Forecast
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m

Taxation Revenue (accrual)

Individuals

Source deductions 21,774 20,174 20,376 20,936 22,575 24,398 26,219
Other persons 3,987 4,403 3,883 4,543 4,609 4,814 5,087
Refunds (1,831) (1,484) (1,629) (1,484) (1,483) (1,521) (1,613)
Fringe benefit tax 461 430 441 430 448 475 502
Total individuals 24,391 23,523 23,071 24,425 26,149 28,166 30,195

Corporate Tax

Gross companies tax 6,698 8,214 7,897 8,605 8,987 9,369 9,735
Refunds (379) (376) (371) (430) (451) (485) (504)
Non-resident withholding tax 884 628 495 579 635 660 681
Foreign-source dividend w/holding payments (3) 8 2 2 2 2 2
Total corporate tax 7,200 8,474 8,023 8,756 9,173 9,546 9,914

Other Direct Income Tax

Resident w/holding tax on interest income 1,804 1,465 1,589 1,990 2,370 2,666 2,961
Resident w/holding tax on dividend income 130 240 221 233 314 490 505
Estate and gift duties 2 1 1
Total other direct income tax 1,936 1,706 1,811 2,223 2,684 3,156 3,466
Total direct income tax 33,527 33,703 32,905 35,404 38,006 40,868 43,575

Goods and Services Tax

Gross goods and services tax 19,797 23,968 23,726 27,222 29,407 31,404 33,235
Refunds (7,880) (9,524) (9,703) (11,460) (12,765) (13,925) (15,028)
Total goods and services tax 11,917 14,444 14,023 15,762 16,642 17,479 18,207

Other Indirect Taxation

Road user charges 910 955 963 1,011 1,071 1,133 1,193
Petroleum fuels excise - domestic production 805 907 895 964 991 1,028 1,060
Alcohol excise - domestic production 600 657 625 665 698 731 762
Tobacco excise - domestic production 217 209 194 217 225 226 229
Petroleum fuels excise - imports1 622 600 597 643 661 685 707
Alcohol excise - imports1 225 242 234 250 262 274 286
Tobacco excise - imports1 851 1,020 908 1,060 1,101 1,105 1,119
Other customs duty 175 198 220 199 179 160 139
Gaming duties 219 228 218 221 221 224 226
Motor vehicle fees 171 175 176 180 185 191 197
Energy resources levies 39 38 38 38 36 36 36
Approved issuer levy and cheque duty 69 81 76 71 71 71 71
Total other indirect taxation 4,903 5,310 5,144 5,519 5,701 5,864 6,025
Total indirect taxation 16,820 19,754 19,167 21,281 22,343 23,343 24,232
Total taxation revenue 50,347 53,457 52,072 56,685 60,349 64,211 67,807

Other Sovereign Revenue (accrual)

ACC levies 3,261 3,823 3,855 4,039 4,159 4,297 4,441
Fire Service levies 301 309 306 312 318 326 334
EQC levies 86 87 87 87 87 87 87
Other miscellaneous items 1,034 1,540 1,452 1,574 1,880 2,215 2,765
Total other sovereign revenue 4,682 5,759 5,700 6,012 6,444 6,925 7,627
Total sovereign revenue 55,029 59,216 57,772 62,697 66,793 71,136 75,434

1. Customs excise-equivalent duty.

NOTE 1 (continued):  Receipts Collected Through the Crown's Sovereign Power

NOTE 1 (continued):  Receipts Collected Through the Crown's Sovereign Power
2010
Actual
$m
2011
Previous
Budget
$m
2011
Forecast
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m

Taxation Receipts (cash)

Individuals

Source deductions 21,744 20,314 20,483 20,835 22,472 24,297 26,118
Other persons 4,630 4,875 4,319 5,056 5,087 5,300 5,643
Refunds (2,793) (2,255) (2,298) (2,192) (2,169) (2,228) (2,373)
Fringe benefit tax 469 433 440 421 443 467 494
Total individuals 24,050 23,367 22,944 24,120 25,833 27,836 29,882

Corporate Tax

Gross companies tax 8,650 9,051 8,908 9,158 9,577 9,820 10,099
Refunds (1,644) (1,314) (1,141) (1,138) (1,122) (1,152) (1,168)
Non-resident withholding tax 889 627 494 578 634 659 680
Foreign-source dividend w/holding payments 6 8 2 2 2 2 2
Total corporate tax 7,901 8,372 8,263 8,600 9,091 9,329 9,613

Other Direct Income Tax

Resident w/holding tax on interest income 1,833 1,463 1,588 1,989 2,369 2,665 2,960
Resident w/holding tax on dividend income 114 240 221 233 314 490 505
Estate and gift duties 2 1 1
Total other direct income tax 1,949 1,704 1,810 2,222 2,683 3,155 3,465
Total direct income tax 33,900 33,443 33,017 34,942 37,607 40,320 42,960

Goods and Services Tax

Gross goods and services tax 18,797 23,052 22,562 26,338 28,517 30,522 32,350
Refunds (7,456) (9,124) (9,059) (10,894) (12,201) (13,361) (14,465)
Total goods and services tax 11,341 13,928 13,503 15,444 16,316 17,161 17,885

Other Indirect Taxation

 
Petroleum fuels excise 805 907 895 964 991 1,028 1,060
Tobacco excise 214 209 194 217 225 226 229
Customs duty 1,805 2,060 1,959 2,152 2,203 2,224 2,251
Road user charges 908 955 963 1,011 1,071 1,133 1,193
Alcohol excise 622 657 625 665 698 731 762
Gaming duties 218 228 219 221 221 224 226
Motor vehicle fees 195 175 176 180 185 191 197
Energy resources levies 37 38 38 38 36 36 36
Approved issuer levy and cheque duty 59 81 76 71 71 71 71
Total other indirect taxation 4,863 5,310 5,145 5,519 5,701 5,864 6,025
Total indirect taxation 16,204 19,238 18,648 20,963 22,017 23,025 23,910
Total Taxation Receipts 50,104 52,681 51,665 55,905 59,624 63,345 66,870

Other Sovereign Receipts (cash)

ACC levies 3,291 3,761 3,760 3,972 4,087 4,154 4,143
Fire Service levies 301 309 306 312 318 326 334
EQC levies 86 87 87 87 87 87 87
Other miscellaneous items 590 635 644 651 636 648 660
Total other sovereign receipts 4,268 4,792 4,797 5,022 5,128 5,215 5,224
Total sovereign receipts 54,372 57,473 56,462 60,927 64,752 68,560 72,094
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