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Half Year Economic and Fiscal Update 2016

Notes to the Forecast Financial Statements

NOTE 1: Sovereign Revenue (Accrual)

2016
Actual
$m
2017
Previous
Budget
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m
2021
Forecast
$m

Taxation Revenue (accrual)

Individuals

Source deductions 27,019 27,778 28,406 29,598 31,036 32,616 34,256
Other persons 5,786 5,865 6,275 6,622 6,947 7,084 7,228
Refunds (1,739) (1,712) (1,635) (1,665) (1,655) (1,664) (1,694)
Fringe benefit tax 502 547 528 548 571 595 618
Total individuals 31,568 32,478 33,574 35,103 36,899 38,631 40,408

Corporate Tax

Gross companies tax 10,566 10,645 11,171 12,032 12,729 13,323 13,968
Refunds (238) (207) (202) (204) (224) (222) (231)
Non-resident withholding tax 734 504 528 615 662 731 798
Foreign-source dividend w/holding payments (8) 2 (10)
Total corporate tax 11,054 10,944 11,487 12,443 13,167 13,832 14,535

Other Direct Income Tax

Resident w/holding tax on interest income 1,667 1,629 1,433 1,409 1,557 2,009 2,721
Resident w/holding tax on dividend income 626 604 716 726 751 780 809
Total other direct income tax 2,293 2,233 2,149 2,135 2,308 2,789 3,530
Total direct income tax 44,915 45,655 47,210 49,681 52,374 55,252 58,473

Goods and Services Tax

Gross goods and services tax 29,366 29,855 30,975 32,599 34,111 35,323 36,817
Refunds (11,158) (10,801) (11,295) (11,732) (12,244) (12,667) (13,362)
Total goods and services tax 18,208 19,054 19,680 20,867 21,867 22,656 23,455

Other Indirect Taxation

Road user charges 1,381 1,361 1,432 1,469 1,520 1,565 1,603
Petroleum fuels excise – domestic production 1,185 1,176 1,232 1,254 1,267 1,274 1,279
Alcohol excise – domestic production 671 666 678 702 725 750 771
Tobacco excise – domestic production 362 345 358 366 379 393 407
Petroleum fuels excise – imports1 691 660 696 707 715 719 721
Alcohol excise – imports1 276 265 270 273 282 292 300
Tobacco excise – imports1 1,348 1,342 1,318 1,349 1,402 1,459 1,515
Other customs duty 127 175 152 152 152 152 152
Gaming duties 220 220 230 231 232 233 234
Motor vehicle fees 214 225 240 226 229 232 235
Approved issuer levy and cheque duty 42 46 40 43 52 60 60
Energy resources levies 28 31 31 30 30 30 30
Total other indirect taxation 6,545 6,512 6,677 6,802 6,985 7,159 7,307
Total indirect taxation 24,753 25,566 26,357 27,669 28,852 29,815 30,762
Total taxation revenue 69,668 71,221 73,567 77,350 81,226 85,067 89,235

Other Sovereign Revenue (accrual)

ACC levies 2,819 2,668 2,733 2,617 2,744 3,088 3,213
Fire Service levies 372 363 372 487 500 514 520
EQC levies 280 290 283 286 289 292 295
Child support and working for families penalties 278 274 272 271 270 272 276
Court fines 100 111 111 112 112 112 112
Other miscellaneous items 794 887 1,019 1,157 1,295 1,315 1,328
Total other sovereign revenue 4,643 4,593 4,790 4,930 5,210 5,593 5,744
Total sovereign revenue 74,311 75,814 78,357 82,280 86,436 90,660 94,979
  1. Customs excise-equivalent duty.
2016
Actual
$m
2017
Previous
Budget
$m
2017
Forecast
$m
2018
Forecast
$m
2019
Forecast
$m
2020
Forecast
$m
2021
Forecast
$m

Taxation Receipts (cash)

Individuals

Source deductions 26,851 27,664 28,295 29,485 30,917 32,497 34,137
Other persons 6,170 6,196 6,709 7,134 7,524 7,617 7,677
Refunds (2,540) (2,438) (2,509) (2,534) (2,586) (2,589) (2,537)
Fringe benefit tax 506 546 527 547 570 594 617
Total individuals 30,987 31,968 33,022 34,632 36,425 38,119 39,894

Corporate Tax

Gross companies tax 11,287 10,739 11,468 11,718 12,998 13,592 14,307
Refunds (905) (613) (579) (613) (675) (721) (749)
Non-resident withholding tax 636 504 571 615 662 731 798
Foreign-source dividend w/holding payments (5) 2 3
Total corporate tax 11,013 10,632 11,463 11,720 12,985 13,602 14,356

Other Direct Income Tax

Resident w/holding tax on interest income 1,727 1,628 1,432 1,408 1,556 2,008 2,720
Resident w/holding tax on dividend income 620 604 716 726 751 780 809
Total other direct income tax 2,347 2,232 2,148 2,134 2,307 2,788 3,529
Total direct income tax 44,347 44,832 46,633 48,486 51,717 54,509 57,779

Goods and Services Tax

Gross goods and services tax 28,962 29,283 30,366 32,004 33,508 34,736 36,231
Refunds (10,973) (10,551) (11,045) (11,482) (11,994) (12,417) (13,112)
Total goods and services tax 17,989 18,732 19,321 20,522 21,514 22,319 23,119

Other Indirect Taxation

 
Road user charges 1,379 1,361 1,432 1,469 1,520 1,565 1,603
Petroleum fuels excise – domestic production 1,187 1,176 1,232 1,254 1,267 1,274 1,279
Alcohol excise – domestic production 667 666 678 702 725 750 771
Tobacco excise – domestic production 370 345 358 366 379 393 407
Customs duty 2,553 2,424 2,443 2,470 2,545 2,616 2,683
Gaming duties 220 220 229 231 232 233 234
Motor vehicle fees 240 225 240 226 229 232 235
Approved issuer levy and cheque duty 47 46 40 43 52 60 60
Energy resources levies 28 31 31 30 30 30 30
Total other indirect taxation 6,691 6,494 6,683 6,791 6,979 7,153 7,302
Total indirect taxation 24,680 25,226 26,004 27,313 28,493 29,472 30,421
Total taxation receipts 69,027 70,058 72,637 75,799 80,210 83,981 88,200

Other Sovereign Receipts (cash)

ACC levies 3,137 2,602 2,704 2,619 2,633 3,067 3,176
Fire Service levies 371 362 374 488 494 515 519
EQC levies 282 289 282 286 289 292 295
Child support and working for families penalties 211 212 214 212 211 212 216
Court fines 129 152 139 142 139 139 139
Other miscellaneous items 555 537 554 560 566 528 528
Total other sovereign receipts 4,685 4,154 4,267 4,307 4,332 4,753 4,873
Total sovereign receipts 73,712 74,212 76,904 80,106 84,542 88,734 93,073
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