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Pre-election Economic & Fiscal Update 2011

Notes to the Forecast Financial Statements

NOTE 1: Revenue collected through the Crown's sovereign power

NOTE 1: Revenue collected through the Crown's sovereign power
2011
Actual
$m
2012
Previous
Budget
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m

Taxation revenue (accrual)

Individuals

Source deductions 20,857 21,165 21,304 22,739 24,334 26,052 27,825
Other persons 3,791 4,342 4,290 4,426 4,633 4,804 5,028
Refunds (1,679) (1,656) (1,616) (1,531) (1,499) (1,444) (1,458)
Fringe benefit tax 462 430 440 458 482 512 542
Total individuals 23,431 24,281 24,418 26,092 27,950 29,924 31,937

Corporate tax

Gross companies tax 6,687 7,978 8,025 8,278 8,826 9,238 9,462
Refunds (197) (400) (260) (284) (299) (326) (338)
Non-resident withholding tax 467 508 427 478 536 589 630
Foreign-source dividend w/holding payments - 1 - - - - -
Total corporate tax 6,957 8,087 8,192 8,472 9,063 9,501 9,754

Other direct income tax

Resident w/holding tax on interest income 1,704 1,665 1,646 1,874 2,251 2,645 3,069
Resident w/holding tax on dividend income 195 209 207 287 470 487 498
Estate and gift duties 2 - - - - - -
Total other direct income tax 1,901 1,874 1,853 2,161 2,721 3,132 3,567
Total direct income tax 32,289 34,242 34,463 36,725 39,734 42,557 45,258

Goods and services tax

Gross goods and services tax 23,484 26,007 25,626 27,437 30,466 31,628 32,594
Refunds (9,776) (10,965) (10,557) (11,202) (13,080) (13,232) (13,312)
Total goods and services tax 13,708 15,042 15,069 16,235 17,386 18,396 19,282

Other indirect taxation

Road user charges 1,016 1,049 1,073 1,142 1,223 1,297 1,367
Petroleum fuels excise - domestic production 872 886 921 938 979 1,016 1,055
Alcohol excise - domestic production 623 665 712 746 777 812 849
Tobacco excise - domestic production 220 251 210 219 212 206 207
Petroleum fuels excise - imports1 575 668 640 651 679 706 733
Alcohol excise - imports1 229 250 245 257 268 280 292
Tobacco excise - imports1 924 1,005 956 996 965 940 944
Other customs duty 188 130 178 172 167 156 144
Gaming duties 214 223 224 227 229 233 238
Motor vehicle fees 172 168 168 166 169 173 176
Energy resources levies 36 38 38 36 36 36 36
Approved issuer levy and cheque duty 62 73 60 61 61 61 61
Total other indirect taxation 5,131 5,406 5,425 5,611 5,765 5,916 6,102
Total indirect taxation 18,839 20,448 20,494 21,846 23,151 24,312 25,384
Total taxation revenue 51,128 54,690 54,957 58,571 62,885 66,869 70,642

Other sovereign revenue (accrual)

ACC levies 3,586 3,882 3,686 3,433 3,564 3,702 3,836
Fire Service levies 312 309 309 309 315 321 333
EQC levies 88 89 103 240 272 275 277
Other miscellaneous items 1,295 1,528 1,465 1,749 1,967 2,068 2,505
Total other sovereign revenue 5,281 5,808 5,563 5,731 6,118 6,366 6,951
Total sovereign revenue 56,409 60,498 60,520 64,302 69,003 73,235 77,593

Note 1: Customs excise-equivalent duty.

NOTE 1 (continued): Receipts collected through the Crown's sovereign power
2011
Actual
$m
2012
Previous
Budget
$m
2012
Forecast
$m
2013
Forecast
$m
2014
Forecast
$m
2015
Forecast
$m
2016
Forecast
$m

Taxation receipts (cash)

Individuals

Source deductions 20,699 21,066 21,212 22,643 24,234 25,948 27,721
Other persons 4,386 4,765 4,897 5,002 5,164 5,309 5,484
Refunds (2,463) (2,394) (2,342) (2,350) (2,270) (2,206) (2,180)
Fringe benefit tax 457 424 439 457 481 511 541
Total individuals 23,079 23,861 24,206 25,752 27,609 29,562 31,566

Corporate tax

Gross companies tax 7,588 8,369 8,603 8,864 9,524 9,866 10,063
Refunds (772) (799) (918) (913) (922) (927) (933)
Non-resident withholding tax 462 508 427 478 536 589 630
Foreign-source dividend w/holding payments (1) 1 - - - - -
Total corporate tax 7,277 8,079 8,112 8,429 9,138 9,528 9,760

Other direct income tax

Resident w/holding tax on interest income 1,701 1,664 1,645 1,873 2,250 2,644 3,068
Resident w/holding tax on dividend income 196 208 206 286 469 486 497
Estate and gift duties 2 - - - - - -
Total other direct income tax 1,899 1,872 1,851 2,159 2,719 3,130 3,565
Total direct income tax 32,255 33,812 34,169 36,340 39,466 42,220 44,891

Goods and services tax

Gross goods and services tax 22,162 25,135 24,370 26,502 29,526 30,712 31,640
Refunds (9,177) (10,394) (9,896) (10,643) (12,526) (12,680) (12,761)
Total goods and services tax 12,985 14,741 14,474 15,859 17,000 18,032 18,879

Other indirect taxation

Petroleum fuels excise - domestic production 869 886 921 938 979 1,016 1,055
Tobacco excise - domestic production 181 251 210 219 212 206 207
Customs duty 2,005 2,053 2,019 2,076 2,079 2,082 2,113
Road user charges 1,015 1,049 1,073 1,142 1,223 1,297 1,367
Alcohol excise - domestic production 625 665 712 746 777 812 849
Gaming duties 216 223 225 227 229 233 238
Motor vehicle fees 171 168 168 166 169 173 176
Energy resources levies 36 38 38 36 36 36 36
Approved issuer levy and cheque duty 60 73 61 61 61 61 61
Total other indirect taxation 5,178 5,406 5,427 5,611 5,765 5,916 6,102
Total indirect taxation 18,163 20,147 19,901 21,470 22,765 23,948 24,981
Total taxation receipts 50,418 53,959 54,070 57,810 62,231 66,168 69,872

Other sovereign receipts (cash)

ACC levies 3,612 3,804 3,712 3,422 3,446 3,504 3,831
Fire Service levies 312 309 309 309 315 321 333
EQC levies 88 88 135 270 273 275 278
Other miscellaneous items 681 677 728 721 750 767 779
Total other sovereign receipts 4,693 4,878 4,884 4,722 4,784 4,867 5,221
Total sovereign receipts 55,111 58,837 58,954 62,532 67,015 71,035 75,093

 

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