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Pre-election Economic and Fiscal Update 2017

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 28,649 29,624 30,108 31,733 33,259
Other persons 5,786 5,865 6,291 6,521 6,685 6,871 7,171
Refunds (1,739) (1,712) (1,737) (1,738) (1,719) (1,634) (1,670)
Fringe benefit tax 502 547 540 549 577 602 624
Total individuals 31,568 32,478 33,743 34,956 35,651 37,572 39,384

Corporate Tax

Gross companies tax 10,566 10,645 12,286 12,645 13,488 14,270 14,951
Refunds (238) (207) (188) (206) (222) (233) (245)
Non-resident withholding tax 734 504 599 606 659 743 808
Foreign-source dividend w/holding payments (8) 2 (10)
Total corporate tax 11,054 10,944 12,687 13,045 13,925 14,780 15,514

Other Direct Income Tax

Resident w/holding tax on interest income 1,667 1,629 1,465 1,604 1,772 2,231 2,581
Resident w/holding tax on dividend income 626 604 743 756 792 835 869
Total other direct income tax 2,293 2,233 2,208 2,360 2,564 3,066 3,450
Total direct income tax 44,915 45,655 48,638 50,361 52,140 55,418 58,348

Goods and Services Tax

Gross goods and services tax 29,366 29,855 31,278 32,628 33,819 35,262 36,787
Refunds (11,158) (10,801) (11,615) (12,223) (12,288) (12,780) (13,408)
Total goods and services tax 18,208 19,054 19,663 20,405 21,531 22,482 23,379

Other Indirect Taxation

Road user charges 1,381 1,361 1,458 1,464 1,497 1,534 1,574
Petroleum fuels excise – domestic production 1,185 1,176 1,142 1,242 1,259 1,277 1,291
Alcohol excise – domestic production 671 666 681 712 728 751 774
Tobacco excise – domestic production 362 345 344 356 369 382 396
Petroleum fuels excise – imports1 691 660 768 701 711 720 728
Alcohol excise – imports1 276 265 301 305 312 322 332
Tobacco excise – imports1 1,348 1,342 1,325 1,351 1,402 1,455 1,510
Other customs duty 127 175 153 153 153 153 153
Gaming duties 220 220 245 247 253 257 263
Motor vehicle fees 214 225 231 232 236 238 241
Approved issuer levy and cheque duty 42 46 32 27 36 44 44
Energy resources levies 28 31 31 30 30 30 30
Total other indirect taxation 6,545 6,512 6,711 6,820 6,986 7,163 7,336
Total indirect taxation 24,753 25,566 26,374 27,225 28,517 29,645 30,715
Total taxation revenue 69,668 71,221 75,012 77,586 80,657 85,063 89,063

Other Sovereign Revenue (accrual)

ACC levies 2,819 2,668 2,824 2,709 2,874 3,251 3,426
Fire Service levies 372 363 392 518 499 504 509
EQC levies 280 290 283 315 384 388 392
Child support and working for families penalties 278 274 262 264 265 264 264
Court fines 100 111 103 96 96 96 96
Other miscellaneous items 794 887 1,123 1,177 1,304 1,323 1,353
Total other sovereign revenue 4,643 4,593 4,987 5,079 5,422 5,826 6,040
Total sovereign revenue 74,311 75,814 79,999 82,665 86,079 90,889 95,103
  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 28,437 29,596 29,940 31,556 33,073
Other persons 6,170 6,196 6,683 6,872 7,116 7,317 7,548
Refunds (2,540) (2,438) (2,540) (2,527) (2,585) (2,533) (2,535)
Fringe benefit tax 506 546 526 549 577 602 624
Total individuals 30,987 31,968 33,106 34,490 35,048 36,942 38,710

Corporate Tax

Gross companies tax 11,287 10,739 12,135 12,631 13,733 14,618 15,266
Refunds (905) (613) (586) (616) (651) (685) (724)
Non-resident withholding tax 636 504 583 606 659 743 808
Foreign-source dividend w/holding payments (5) 2 3
Total corporate tax 11,013 10,632 12,135 12,621 13,741 14,676 15,350

Other Direct Income Tax

Resident w/holding tax on interest income 1,727 1,628 1,446 1,604 1,772 2,231 2,581
Resident w/holding tax on dividend income 620 604 729 756 792 835 869
Total other direct income tax 2,347 2,232 2,175 2,360 2,564 3,066 3,450
Total direct income tax 44,347 44,832 47,416 49,471 51,353 54,684 57,510

Goods and Services Tax

Gross goods and services tax 28,962 29,283 30,679 32,130 33,352 34,798 36,311
Refunds (10,973) (10,551) (11,584) (12,063) (12,128) (12,620) (13,248)
Total goods and services tax 17,989 18,732 19,095 20,067 21,224 22,178 23,063

Other Indirect Taxation

 
Road user charges 1,379 1,361 1,458 1,464 1,497 1,534 1,574
Petroleum fuels excise – domestic production 1,187 1,176 1,135 1,242 1,259 1,277 1,291
Alcohol excise – domestic production 667 666 678 712 728 751 774
Tobacco excise – domestic production 370 345 330 356 369 382 396
Customs duty 2,553 2,424 2,525 2,516 2,572 2,644 2,718
Gaming duties 220 220 245 247 253 257 263
Motor vehicle fees 240 225 231 232 236 238 241
Approved issuer levy and cheque duty 47 46 34 27 36 44 44
Energy resources levies 28 31 31 30 30 30 30
Total other indirect taxation 6,691 6,494 6,667 6,826 6,980 7,157 7,331
Total indirect taxation 24,680 25,226 25,762 26,893 28,204 29,335 30,394
Total taxation receipts 69,027 70,058 73,178 76,364 79,557 84,019 87,904

Other Sovereign Receipts (cash)

ACC levies 3,137 2,602 2,809 2,685 2,729 3,235 3,360
Fire Service levies 371 362 384 486 459 500 518
EQC levies 282 289 282 298 383 388 392
Child support and working for families penalties 211 212 204 212 212 211 210
Court fines 129 152 120 119 119 119 119
Other miscellaneous items 555 537 681 631 639 606 606
Total other sovereign receipts 4,685 4,154 4,480 4,431 4,541 5,059 5,205
Total sovereign receipts 73,712 74,212 77,658 80,795 84,098 89,078 93,109

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