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Half Year Economic and Fiscal Update 2013

Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue (Accrual)
2013
Actual
$m
2014
Previous
Budget
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m

Taxation revenue (accrual)

Individuals

Source deductions 22,330 23,709 23,825 25,134 26,491 27,950 29,603
Other persons 5,210 5,083 5,263 5,525 5,798 6,061 6,307
Refunds (1,644) (1,488) (1,465) (1,491) (1,524) (1,527) (1,579)
Fringe benefit tax 480 477 480 502 522 544 568
Total individuals 26,376 27,781 28,103 29,670 31,287 33,028 34,899

Corporate tax

Gross companies tax 8,747 9,240 9,197 9,681 10,271 10,453 10,683
Refunds (151) (197) (193) (205) (219) (230) (234)
Non-resident withholding tax 420 447 394 459 521 559 585
Foreign-source dividend w/holding payments 2 2 2 2 2 2
Total corporate tax 9,018 9,490 9,400 9,937 10,575 10,784 11,036

Other direct income tax

Resident w/holding tax on interest income 1,631 1,671 1,673 1,905 2,419 2,879 3,271
Resident w/holding tax on dividend income 516 607 460 492 520 530 540
Total other direct income tax 2,147 2,278 2,133 2,397 2,939 3,409 3,811
Total direct income tax 37,541 39,549 39,636 42,004 44,801 47,221 49,746

Goods and services tax

Gross goods and services tax 25,125 27,220 27,298 29,041 30,800 32,847 35,346
Refunds (9,920) (10,695) (10,700) (11,357) (11,989) (13,121) (14,658)
Total goods and services tax 15,205 16,525 16,598 17,684 18,811 19,726 20,688

Other indirect taxation

Road user charges 1,066 1,164 1,155 1,250 1,346 1,412 1,470
Petroleum fuels excise – domestic production 855 931 938 995 1,055 1,084 1,112
Alcohol excise – domestic production 663 678 655 680 711 743 775
Tobacco excise – domestic production 281 277 294 298 305 318 318
Petroleum fuels excise – imports1 674 659 680 721 764 785 805
Alcohol excise – imports1 250 267 246 255 267 278 290
Tobacco excise – imports1 954 1,043 1,107 1,156 1,221 1,272 1,271
Other customs duty 178 172 168 160 151 144 137
Gaming duties 214 223 208 208 209 209 210
Motor vehicle fees 174 187 183 191 196 200 203
Approved issuer levy and cheque duty 45 62 65 65 65 65 65
Energy resources levies 34 36 36 36 36 36 36
Total other indirect taxation 5,388 5,699 5,735 6,015 6,326 6,546 6,692
Total indirect taxation 20,593 22,224 22,333 23,699 25,137 26,272 27,380
Total taxation revenue 58,134 61,773 61,969 65,703 69,938 73,493 77,126

Other sovereign revenue (accrual)

ACC levies 3,437 3,465 3,444 3,125 2,808 2,724 2,804
Fire Service levies 331 338 338 341 351 361 370
EQC levies 242 269 268 271 274 276 279
Child support 590 729 608 664 527 565 614
Court fines 168 173 173 173 173 173 173
Other miscellaneous items 404 322 445 496 532 534 539
Total other sovereign revenue 5,172 5,296 5,276 5,070 4,665 4,633 4,779
Total sovereign revenue 63,306 67,069 67,245 70,773 74,603 78,126 81,905
  1. Customs excise-equivalent duty.
NOTE 1 (continued): Sovereign Receipts (Cash)
2013
Actual
$m
2014
Previous
Budget
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m

Taxation receipts (cash)

Individuals

Source deductions 22,188 23,584 23,715 25,003 26,354 27,812 29,463
Other persons 5,194 5,549 5,667 5,764 6,046 6,348 6,591
Refunds (2,251) (2,222) (2,084) (2,005) (2,067) (2,140) (2,226)
Fringe benefit tax 465 476 478 500 520 542 566
Total individuals 25,596 27,387 27,776 29,262 30,853 32,562 34,394

Corporate tax

Gross companies tax 8,665 9,495 9,516 10,119 10,613 10,887 11,074
Refunds (597) (766) (641) (681) (728) (768) (783)
Non-resident withholding tax 451 446 392 457 519 557 583
Foreign-source dividend w/holding payments 1 2 2 2 2 2
Total corporate tax 8,520 9,175 9,269 9,897 10,406 10,678 10,876

Other direct income tax

Resident w/holding tax on interest income 1,635 1,670 1,672 1,904 2,417 2,877 3,269
Resident w/holding tax on dividend income 516 607 460 492 520 530 540
Total other direct income tax 2,151 2,277 2,132 2,396 2,937 3,407 3,809
Total direct income tax 36,267 38,839 39,177 41,555 44,196 46,647 49,079

Goods and services tax

Gross goods and services tax 24,539 26,352 26,428 28,210 29,944 31,968 34,416
Refunds (9,783) (10,195) (10,200) (10,857) (11,489) (12,621) (14,158)
Total goods and services tax 14,756 16,157 16,228 17,353 18,455 19,347 20,258

Other indirect taxation

 
Road user charges 1,064 1,164 1,155 1,250 1,346 1,412 1,470
Petroleum fuels excise – domestic production 865 931 938 995 1,055 1,084 1,112
Alcohol excise – domestic production 666 678 655 680 711 743 775
Tobacco excise – domestic production 287 277 294 298 305 318 318
Customs duty 2,035 2,141 2,201 2,292 2,403 2,479 2,503
Gaming duties 216 223 206 208 209 209 210
Motor vehicle fees 179 187 183 191 196 200 203
Approved issuer levy and cheque duty 44 62 66 65 65 65 65
Energy resources levies 34 36 36 36 36 36 36
Total other indirect taxation 5,390 5,699 5,734 6,015 6,326 6,546 6,692
Total indirect taxation 20,146 21,856 21,962 23,368 24,781 25,893 26,950
Total taxation receipts 56,413 60,695 61,139 64,923 68,977 72,540 76,029

Other sovereign receipts (cash)

ACC levies 3,524 3,438 3,423 3,151 2,695 2,747 2,827
Fire Service levies 331 338 338 341 351 361 370
EQC levies 274 267 271 270 273 276 279
Child support 230 237 237 248 259 270 286
Court fines 159 148 148 137 137 137 137
Other miscellaneous items 288 319 414 432 438 439 441
Total other sovereign receipts 4,806 4,747 4,831 4,579 4,153 4,230 4,340
Total sovereign receipts 61,219 65,442 65,970 69,502 73,130 76,770 80,369
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