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Half Year Economic and Fiscal Update 2012

Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue (Accrual)
2012
Actual
$m
2013
Previous
Budget
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m

Taxation revenue (accrual)

Individuals

Source deductions 21,237 22,563 22,038 23,117 24,301 25,487 26,750
Other persons 4,232 4,386 4,641 4,740 4,935 5,116 5,314
Refunds (1,736) (1,567) (1,564) (1,426) (1,414) (1,418) (1,463)
Fringe benefit tax 462 458 439 454 490 509 529
Total individuals 24,195 25,840 25,554 26,885 28,312 29,694 31,130

Corporate tax

Gross companies tax 8,310 8,301 8,487 9,310 9,735 10,082 10,477
Refunds (202) (279) (214) (217) (231) (242) (252)
Non-resident withholding tax 500 455 396 461 529 585 622
Foreign-source dividend w/holding payments 4
Total corporate tax 8,612 8,477 8,669 9,554 10,033 10,425 10,847

Other direct income tax

Resident w/holding tax on interest income 1,679 1,673 1,515 1,650 1,988 2,337 2,606
Resident w/holding tax on dividend income 292 375 382 589 613 634 655
Total other direct income tax 1,971 2,048 1,897 2,239 2,601 2,971 3,261
Total direct income tax 34,778 36,365 36,120 38,678 40,946 43,090 45,238

Goods and services tax

Gross goods and services tax 25,199 26,795 25,814 27,467 29,410 31,314 33,525
Refunds (10,627) (11,052) (10,512) (10,699) (11,626) (12,809) (14,442)
Total goods and services tax 14,572 15,743 15,302 16,768 17,784 18,505 19,083

Other indirect taxation

Road user charges 1,045 1,152 1,114 1,245 1,360 1,469 1,535
Petroleum fuels excise – domestic production 847 939 905 979 1,056 1,122 1,148
Alcohol excise – domestic production 656 698 672 701 732 764 799
Tobacco excise – domestic production 244 223 248 251 257 272 285
Petroleum fuels excise – imports1 631 626 656 709 765 813 831
Alcohol excise – imports1 241 249 235 245 255 267 278
Tobacco excise – imports1 993 983 964 1,011 1,064 1,122 1,172
Other customs duty 173 179 168 159 151 143 136
Gaming duties 216 231 225 225 227 229 231
Motor vehicle fees 175 170 179 184 188 190 193
Approved issuer levy and cheque duty 58 69 50 57 57 57 57
Energy resources levies 36 36 36 36 36 36 36
Total other indirect taxation 5,315 5,555 5,452 5,802 6,148 6,484 6,701
Total indirect taxation 19,887 21,298 20,754 22,570 23,932 24,989 25,784
Total taxation revenue 54,665 57,663 56,874 61,248 64,878 68,079 71,022

Other sovereign revenue (accrual)

ACC levies 3,695 3,395 3,427 3,472 3,560 3,649 3,743
Fire Service levies 326 313 325 328 334 346 351
EQC levies 107 240 242 272 275 277 280
Child support 311 660 596 706 743 577 625
Court fines 176 178 178 181 183 186 186
Other miscellaneous items 515 660 360 361 359 359 359
Total other sovereign revenue 5,130 5,446 5,128 5,320 5,454 5,394 5,544
Total sovereign revenue 59,795 63,109 62,002 66,568 70,332 73,473 76,566

1. Customs excise-equivalent duty.

Sovereign Receipts (Cash)
2012
Actual
$m
2013
Previous
Budget
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m

Taxation receipts (cash)

Individuals

Source deductions 21,010 22,450 21,924 22,999 24,177 25,359 26,621
Other persons 4,720 5,062 4,944 5,154 5,452 5,579 5,802
Refunds (2,468) (2,493) (2,212) (2,108) (2,153) (2,177) (2,251)
Fringe benefit tax 458 457 438 453 489 508 528
Total individuals 23,720 25,476 25,094 26,498 27,965 29,269 30,700

Corporate tax

Gross companies tax 8,792 8,737 8,660 9,682 10,056 10,349 10,879
Refunds (814) (756) (665) (682) (711) (747) (780)
Non-resident withholding tax 434 454 395 460 528 584 621
Foreign-source dividend w/holding payments 4
Total corporate tax 8,416 8,435 8,390 9,460 9,873 10,186 10,720

Other direct income tax

Resident w/holding tax on interest income 1,699 1,672 1,514 1,649 1,987 2,336 2,605
Resident w/holding tax on dividend income 290 375 382 589 613 634 655
Total other direct income tax 1,989 2,047 1,896 2,238 2,600 2,970 3,260
Total direct income tax 34,125 35,958 35,380 38,196 40,438 42,425 44,680

Goods and services tax

Gross goods and services tax 24,574 25,895 24,997 26,614 28,565 30,447 32,659
Refunds (10,435) (10,552) (10,012) (10,199) (11,126) (12,309) (13,942)
Total goods and services tax 14,139 15,343 14,985 16,415 17,439 18,138 18,717

Other indirect taxation

 
Road user charges 1,048 1,152 1,114 1,245 1,360 1,469 1,535
Petroleum fuels excise – domestic production 845 939 905 979 1,056 1,122 1,148
Alcohol excise – domestic production 654 698 672 701 732 764 799
Tobacco excise – domestic production 238 223 248 251 257 272 285
Customs duty 2,057 2,037 2,023 2,124 2,235 2,345 2,417
Gaming duties 216 231 225 225 227 229 231
Motor vehicle fees 169 170 179 184 188 190 193
Approved issuer levy and cheque duty 55 69 50 57 57 57 57
Energy resources levies 36 36 36 36 36 36 36
Total other indirect taxation 5,318 5,555 5,452 5,802 6,148 6,484 6,701
Total indirect taxation 19,457 20,898 20,437 22,217 23,587 24,622 25,418
Total taxation receipts 53,582 56,856 55,817 60,413 64,025 67,047 70,098

Other sovereign receipts (cash)

ACC levies 3,693 3,413 3,424 3,440 3,532 3,694 3,789
Fire Service levies 326 313 325 328 334 346 351
EQC levies 134 270 277 271 275 278 281
Child support 243 225 227 230 241 253 264
Court fines 157 144 144 144 143 140 140
Other miscellaneous items 337 364 297 296 294 294 294
Total other sovereign receipts 4,890 4,729 4,694 4,709 4,819 5,005 5,119
Total sovereign receipts 58,472 61,585 60,511 65,122 68,844 72,052 75,217
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