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Half Year Economic and Fiscal Update 2014

Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue (Accrual)
2014
Actual
$m
2015
Previous
Budget
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m

Taxation revenue (accrual)

Individuals

Source deductions 23,738 25,224 25,034 26,327 27,727 29,240 30,879
Other persons 5,216 5,428 5,347 5,369 5,685 5,923 6,015
Refunds (1,573) (1,395) (1,517) (1,467) (1,484) (1,466) (1,499)
Fringe benefit tax 489 512 505 526 549 573 598
Total individuals 27,870 29,769 29,369 30,755 32,477 34,270 35,993

Corporate tax

Gross companies tax 9,020 9,555 9,840 10,292 10,927 11,271 11,548
Refunds (192) (207) (198) (216) (234) (247) (254)
Non-resident withholding tax 428 481 467 526 552 579 605
Foreign-source dividend w/holding payments 8 2 (3) 2 2 2 2
Total corporate tax 9,264 9,831 10,106 10,604 11,247 11,605 11,901

Other direct income tax

Resident w/holding tax on interest income 1,644 2,007 1,813 2,088 2,423 2,862 3,280
Resident w/holding tax on dividend income 446 495 494 535 568 586 599
Total other direct income tax 2,090 2,502 2,307 2,623 2,991 3,448 3,879
Total direct income tax 39,224 42,102 41,782 43,982 46,715 49,323 51,773

Goods and services tax

Gross goods and services tax 27,208 29,392 28,799 30,179 31,682 33,667 35,430
Refunds (11,191) (11,630) (11,428) (11,841) (12,458) (13,503) (14,736)
Total goods and services tax 16,017 17,762 17,371 18,338 19,224 20,164 20,694

Other indirect taxation

Road user charges 1,205 1,268 1,246 1,321 1,385 1,457 1,520
Petroleum fuels excise – domestic production 865 936 940 1,084 1,199 1,221 1,242
Alcohol excise – domestic production 650 681 674 697 725 755 785
Tobacco excise – domestic production 273 286 285 295 300 299 299
Petroleum fuels excise – imports1 747 766 769 722 646 658 669
Alcohol excise – imports1 242 255 249 258 268 279 290
Tobacco excise – imports1 999 1,108 1,073 1,145 1,198 1,194 1,194
Other customs duty 172 155 157 149 142 134 127
Gaming duties 211 209 213 214 214 215 216
Motor vehicle fees 187 195 199 200 203 205 208
Approved issuer levy and cheque duty 52 65 50 51 51 51 51
Energy resources levies 35 36 33 34 34 34 34
Total other indirect taxation 5,638 5,960 5,888 6,170 6,365 6,502 6,635
Total indirect taxation 21,655 23,722 23,259 24,508 25,589 26,666 27,329
Total taxation revenue 60,879 65,824 65,041 68,490 72,304 75,989 79,102

Other sovereign revenue (accrual)

ACC levies 3,600 3,172 3,195 2,935 2,894 2,972 3,040
Fire Service levies 339 348 350 351 354 359 364
EQC levies 274 282 282 285 288 290 293
Child support 545 665 582 632 429 477 502
Court fines 179 173 173 173 174 174 174
Other miscellaneous items 513 498 521 570 529 525 532
Total other sovereign revenue 5,450 5,138 5,103 4,946 4,668 4,797 4,905
Total sovereign revenue 66,329 70,962 70,144 73,436 76,972 80,786 84,007
  1. Customs excise-equivalent duty.
NOTE 1 (continued):  Sovereign Receipts (Cash)
2014
Actual
$m
2015
Previous
Budget
$m
2015
Forecast
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m

Taxation receipts (cash)

Individuals

Source deductions 23,621 25,074 24,886 26,171 27,571 29,076 30,716
Other persons 5,466 5,964 5,900 5,804 6,112 6,477 6,599
Refunds (2,276) (2,211) (2,293) (2,212) (2,241) (2,314) (2,378)
Fringe benefit tax 482 510 503 524 547 571 596
Total individuals 27,293 29,337 28,996 30,287 31,989 33,810 35,533

Corporate tax

Gross companies tax 9,374 9,963 10,083 10,454 11,278 11,621 11,865
Refunds (563) (703) (639) (663) (722) (766) (789)
Non-resident withholding tax 405 480 491 525 551 578 604
Foreign-source dividend w/holding payments 2 (3) 2 2 2 2
Total corporate tax 9,216 9,742 9,932 10,318 11,109 11,435 11,682

Other direct income tax

Resident w/holding tax on interest income 1,629 2,005 1,811 2,086 2,421 2,860 3,278
Resident w/holding tax on dividend income 449 495 494 535 568 586 599
Total other direct income tax 2,078 2,500 2,305 2,621 2,989 3,446 3,877
Total direct income tax 38,587 41,579 41,233 43,226 46,087 48,691 51,092

Goods and services tax

Gross goods and services tax 26,596 28,504 27,934 29,332 30,802 32,762 34,544
Refunds (10,948) (11,130) (10,928) (11,341) (11,958) (13,003) (14,236)
Total goods and services tax 15,648 17,374 17,006 17,991 18,844 19,759 20,308

Other indirect taxation

 
Road user charges 1,187 1,268 1,246 1,321 1,385 1,457 1,520
Petroleum fuels excise – domestic production 861 936 940 1,084 1,199 1,221 1,242
Alcohol excise – domestic production 651 681 674 697 725 755 785
Tobacco excise – domestic production 268 286 285 295 300 299 299
Customs duty 2,179 2,284 2,248 2,274 2,254 2,265 2,280
Gaming duties 208 209 213 214 214 215 216
Motor vehicle fees 178 195 199 200 203 205 208
Approved issuer levy and cheque duty 51 65 52 51 51 51 51
Energy resources levies 35 36 33 34 34 34 34
Total other indirect taxation 5,618 5,960 5,890 6,170 6,365 6,502 6,635
Total indirect taxation 21,266 23,334 22,896 24,161 25,209 26,261 26,943
Total taxation receipts 59,853 64,913 64,129 67,387 71,296 74,952 78,035

Other sovereign receipts (cash)

ACC levies 3,579 3,174 3,219 2,771 2,880 2,949 3,046
Fire Service levies 340 348 350 351 354 359 364
EQC levies 273 282 284 284 287 290 293
Child support 219 252 217 228 231 238 248
Court fines 149 137 137 137 137 137 130
Other miscellaneous items 414 452 466 470 430 427 428
Total other sovereign receipts 4,974 4,645 4,673 4,241 4,319 4,400 4,509
Total sovereign receipts 64,827 69,558 68,802 71,628 75,615 79,352 82,544
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