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Pre-election Economic and Fiscal Update 2014

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 23,772 25,177 26,564 28,055 29,647
Other persons 5,210 5,083 5,177 5,316 5,566 5,789 5,981
Refunds (1,644) (1,488) (1,532) (1,416) (1,445) (1,500) (1,566)
Fringe benefit tax 480 477 489 507 528 551 575
Total individuals 26,376 27,781 27,906 29,584 31,213 32,895 34,637

Corporate tax

Gross companies tax 8,747 9,240 9,073 9,699 9,999 10,286 10,551
Refunds (151) (197) (219) (213) (225) (232) (240)
Non-resident withholding tax 420 447 428 485 533 558 577
Foreign-source dividend w/holding payments 2 8 2 2 2 2
Total corporate tax 9,018 9,490 9,290 9,973 10,309 10,614 10,890

Other direct income tax

Resident w/holding tax on interest income 1,631 1,671 1,634 1,909 2,527 2,912 3,270
Resident w/holding tax on dividend income 516 607 446 472 487 505 516
Total other direct income tax 2,147 2,278 2,080 2,381 3,014 3,417 3,786
Total direct income tax 37,541 39,549 39,276 41,938 44,536 46,926 49,313

Goods and services tax

Gross goods and services tax 25,125 27,220 27,266 29,008 30,429 31,954 34,148
Refunds (9,920) (10,695) (11,162) (11,314) (11,679) (12,428) (13,717)
Total goods and services tax 15,205 16,525 16,104 17,694 18,750 19,526 20,431

Other indirect taxation

Road user charges 1,066 1,164 1,205 1,244 1,326 1,406 1,479
Petroleum fuels excise - domestic production 855 931 855 948 1,083 1,191 1,207
Alcohol excise - domestic production 663 678 656 677 703 734 766
Tobacco excise - domestic production 281 277 269 284 295 293 294
Petroleum fuels excise - imports1 674 659 746 766 725 654 671
Alcohol excise - imports1 250 267 246 255 265 276 288
Tobacco excise - imports1 954 1,043 1,029 1,108 1,186 1,235 1,232
Other customs duty 178 172 130 119 110 122 118
Gaming duties 214 223 211 209 210 210 211
Motor vehicle fees 174 187 187 195 202 208 213
Approved issuer levy and cheque duty 45 62 52 65 65 65 65
Energy resources levies 34 36 35 36 36 36 36
Total other indirect taxation 5,388 5,699 5,621 5,906 6,206 6,430 6,580
Total indirect taxation 20,593 22,224 21,725 23,600 24,956 25,956 27,011
Total taxation revenue 58,134 61,773 61,001 65,538 69,492 72,882 76,324

Other sovereign revenue (accrual)

ACC levies 3,437 3,465 3,591 3,172 2,934 2,893 2,969
Fire Service levies 331 338 338 348 350 353 358
EQC levies 242 269 275 282 285 288 291
Child support 590 729 545 683 688 487 543
Court fines 168 173 173 173 173 173 173
Other miscellaneous items 404 322 519 508 554 554 556
Total other sovereign revenue 5,172 5,296 5,441 5,166 4,984 4,748 4,890
Total sovereign revenue 63,306 67,069 66,442 70,704 74,476 77,630 81,214
  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 23,627 25,027 26,408 27,899 29,483
Other persons 5,194 5,549 5,466 5,808 6,046 6,318 6,516
Refunds (2,251) (2,222) (2,276) (2,194) (2,240) (2,333) (2,437)
Fringe benefit tax 465 476 482 505 526 549 573
Total individuals 25,596 27,387 27,299 29,146 30,740 32,433 34,135

Corporate tax

Gross companies tax 8,665 9,495 9,369 10,054 10,322 10,681 10,928
Refunds (597) (766) (563) (664) (721) (753) (780)
Non-resident withholding tax 451 446 405 484 532 557 576
Foreign-source dividend w/holding payments 1 2 2 2 2
Total corporate tax 8,520 9,175 9,211 9,876 10,135 10,487 10,726

Other direct income tax

Resident w/holding tax on interest income 1,635 1,670 1,629 1,907 2,525 2,910 3,268
Resident w/holding tax on dividend income 516 607 449 472 487 505 516
Total other direct income tax 2,151 2,277 2,078 2,379 3,012 3,415 3,784
Total direct income tax 36,267 38,839 38,588 41,401 43,887 46,335 48,645

Goods and services tax

Gross goods and services tax 24,539 26,352 26,613 28,145 29,616 31,131 33,273
Refunds (9,783) (10,195) (10,948) (10,839) (11,279) (12,028) (13,267)
Total goods and services tax 14,756 16,157 15,665 17,306 18,337 19,103 20,006

Other indirect taxation

 
Road user charges 1,064 1,164 1,187 1,244 1,326 1,406 1,479
Petroleum fuels excise - domestic production 865 931 861 936 1,087 1,215 1,247
Alcohol excise - domestic production 666 678 651 680 706 744 775
Tobacco excise - domestic production 287 277 268 287 298 303 303
Customs duty 2,035 2,141 2,179 2,254 2,276 2,243 2,251
Gaming duties 216 223 208 209 210 210 211
Motor vehicle fees 179 187 178 195 202 208 213
Approved issuer levy and cheque duty 44 62 51 65 65 65 65
Energy resources levies 34 36 35 36 36 36 36
Total other indirect taxation 5,390 5,699 5,618 5,906 6,206 6,430 6,580
Total indirect taxation 20,146 21,856 21,283 23,212 24,543 25,533 26,586
Total taxation receipts 56,413 60,695 59,871 64,613 68,430 71,868 75,231

Other sovereign receipts (cash)

ACC levies 3,524 3,438 3,580 3,171 2,735 2,844 2,919
Fire Service levies 331 338 338 348 350 353 358
EQC levies 274 267 278 282 285 287 290
Child support 230 237 219 247 261 268 281
Court fines 159 148 148 137 137 137 137
Other miscellaneous items 288 319 436 452 456 454 454
Total other sovereign receipts 4,806 4,747 4,999 4,637 4,224 4,343 4,439
Total sovereign receipts 61,219 65,442 64,870 69,250 72,654 76,211 79,670
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