The Treasury

Global Navigation

Personal tools

Treasury
Publication

Half Year Economic and Fiscal Update 2015

Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue (Accrual)

2015
Actual
$m
2016
Previous
Budget
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m

Taxation Revenue (accrual)

Individuals

Source deductions 25,309 26,364 26,333 27,350 28,616 30,265 31,989
Other persons 5,848 5,584 5,593 5,717 6,087 6,409 6,684
Refunds (1,595) (1,696) (1,753) (1,740) (1,740) (1,760) (1,848)
Fringe benefit tax 514 540 526 540 560 587 613
Total individuals 30,076 30,792 30,699 31,867 33,523 35,501 37,438

Corporate Tax

Gross companies tax 9,972 9,785 9,860 10,341 11,348 12,213 12,689
Refunds (143) (148) (243) (219) (228) (251) (266)
Non-resident withholding tax 470 506 573 496 559 626 662
Foreign-source dividend w/holding payments (3) 2 2 2 2 2 2
Total corporate tax 10,296 10,145 10,192 10,620 11,681 12,590 13,087

Other Direct Income Tax

Resident w/holding tax on interest income 1,830 2,094 1,925 1,837 2,088 2,700 3,203
Resident w/holding tax on dividend income 543 537 538 557 619 659 682
Total other direct income tax 2,373 2,631 2,463 2,394 2,707 3,359 3,885
Total direct income tax 42,745 43,568 43,354 44,881 47,911 51,450 54,410

Goods and Services Tax

Gross goods and services tax 28,123 30,242 29,792 30,948 32,411 33,942 35,221
Refunds (10,954) (11,949) (11,776) (12,064) (12,587) (13,033) (13,422)
Total goods and services tax 17,169 18,293 18,016 18,884 19,824 20,909 21,799

Other Indirect Taxation

Road user charges 1,283 1,339 1,342 1,403 1,476 1,548 1,621
Petroleum fuels excise – domestic production 1,018 1,074 1,172 1,184 1,215 1,246 1,272
Alcohol excise – domestic production 651 689 677 701 734 761 791
Tobacco excise – domestic production 310 309 307 324 322 322 322
Petroleum fuels excise – imports1 721 717 631 638 654 671 685
Alcohol excise – imports1 259 255 290 279 285 296 308
Tobacco excise – imports1 1,197 1,197 1,190 1,257 1,250 1,249 1,248
Other customs duty 214 160 173 173 174 172 172
Gaming duties 214 213 215 216 216 218 219
Motor vehicle fees 181 200 197 204 207 210 212
Approved issuer levy and cheque duty 57 47 47 47 47 47 47
Energy resources levies 36 37 37 35 36 35 35
Total other indirect taxation 6,141 6,237 6,278 6,461 6,616 6,775 6,932
Total indirect taxation 23,310 24,530 24,294 25,345 26,440 27,684 28,731
Total taxation revenue 66,055 68,098 67,648 70,226 74,351 79,134 83,141

Other Sovereign Revenue (accrual)

ACC levies 3,276 2,941 2,739 2,671 2,779 2,929 3,062
Fire Service levies 351 357 362 360 365 370 382
EQC levies 281 281 281 283 286 289 289
Child support and working for families penalties 283 278 278 281 293 306 321
Court fines 110 110 110 111 112 112 112
Other miscellaneous items 652 639 689 705 711 713 713
Total other sovereign revenue 4,953 4,606 4,459 4,411 4,546 4,719 4,879
Total sovereign revenue 71,008 72,704 72,107 74,637 78,897 83,853 88,020
  1. Customs excise-equivalent duty.

NOTE 1 (continued): Sovereign Receipts (Cash)

2015
Actual
$m
2016
Previous
Budget
$m
2016
Forecast
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m

Taxation Receipts (cash)

Individuals

Source deductions 25,128 26,229 26,208 27,201 28,461 30,103 31,826
Other persons 6,044 5,823 5,789 5,933 6,468 6,872 7,114
Refunds (2,275) (2,273) (2,416) (2,346) (2,494) (2,687) (2,731)
Fringe benefit tax 498 538 524 538 558 585 611
Total individuals 29,395 30,317 30,105 31,326 32,993 34,873 36,820

Corporate Tax

Gross companies tax 10,484 9,956 10,393 10,428 11,544 12,558 13,020
Refunds (600) (561) (929) (661) (686) (761) (810)
Non-resident withholding tax 532 505 577 496 559 626 662
Foreign-source dividend w/holding payments (5) 2 2 2 2 2 2
Total corporate tax 10,411 9,902 10,043 10,265 11,419 12,425 12,874

Other Direct Income Tax

Resident w/holding tax on interest income 1,810 2,093 1,924 1,836 2,087 2,698 3,201
Resident w/holding tax on dividend income 542 537 538 557 619 659 682
Total other direct income tax 2,352 2,630 2,462 2,393 2,706 3,357 3,883
Total direct income tax 42,158 42,849 42,610 43,984 47,118 50,655 53,577

Goods and Services Tax

Gross goods and services tax 27,609 29,364 28,843 29,971 31,423 32,943 34,219
Refunds (10,900) (11,449) (11,226) (11,514) (12,037) (12,483) (12,872)
Total goods and services tax 16,709 17,915 17,617 18,457 19,386 20,460 21,347

Other Indirect Taxation

 
Road user charges 1,283 1,339 1,342 1,403 1,476 1,548 1,621
Petroleum fuels excise – domestic production 988 1,074 1,172 1,184 1,215 1,246 1,272
Alcohol excise – domestic production 652 689 677 701 734 761 791
Tobacco excise – domestic production 284 309 307 324 322 322 322
Customs duty 2,395 2,329 2,284 2,347 2,363 2,388 2,413
Gaming duties 214 213 215 216 216 218 219
Motor vehicle fees 173 200 197 204 207 210 212
Approved issuer levy and cheque duty 53 47 47 47 47 47 47
Energy resources levies 36 37 37 35 36 35 35
Total other indirect taxation 6,078 6,237 6,278 6,461 6,616 6,775 6,932
Total indirect taxation 22,787 24,152 23,895 24,918 26,002 27,235 28,279
Total taxation receipts 64,945 67,001 66,505 68,902 73,120 77,890 81,856

Other Sovereign Receipts (cash)

ACC levies 3,170 2,858 2,924 2,623 2,776 2,931 3,068
Fire Service levies 351 357 362 360 365 370 382
EQC levies 281 280 285 283 286 289 289
Child support and working for families penalties 208 216 213 219 229 242 254
Court fines 148 153 150 152 152 152 152
Other miscellaneous items 573 493 519 533 535 538 535
Total other sovereign receipts 4,731 4,357 4,453 4,170 4,343 4,522 4,680
Total sovereign receipts 69,676 71,358 70,958 73,072 77,463 82,412 86,536
Page top