Media release 2008/11
The latest edition of taxation statistics, the Tax Office’s most comprehensive statistical publication, is now available.
Tax Commissioner Michael D’Ascenzo said Taxation statistics 2005–06 provides valuable information about Australia’s tax system, including personal and company tax, superannuation and excise.
“Along with our annual report and compliance program, this publication is part of our open and accountable approach to administering the tax system, and helps us identify emerging social trends and potential compliance issues.
“The detailed tables we provide in our taxation statistics publication are valuable resources for the public sector, researchers and the community more broadly,” Mr D’Ascenzo said.
Personal tax
For the 2005–06 income year, 11.5 million individuals lodged income tax returns.
Individuals claimed $27 billion in total deductions, including $13.1 billion in work-related expenses – a growth of 9.5% on the previous year.
“Work-related expenses present a continuing compliance challenge for us,” Mr D’Ascenzo said.
“We review claims that are outside normal patterns and the claims of people identified as being at risk of not complying.
“I ask people to take particular care with claims in their tax returns this year.”
For the 2005–06 income year, most individuals continued to lodge their tax returns through a tax agent (72.8%). However, there was a 17.2% growth in the number of people lodging through e-tax, the Tax Office’s electronic lodgment program.
“It’s worth noting the highest growth rate for people using e-tax was for those aged 55-74,” Mr D’Ascenzo said.
Company tax
Total company income increased by 10% to more than $1,802 billion in 2005–06.
Large companies represent less than 0.4% of total companies but accounted for 64.5% of total company net tax.
“While company expenses were up by $125 billion on the previous year, the growth in expenses was less than the growth in income,” Mr D’Ascenzo said.
Superannuation
The number of self managed superannuation funds grew by 13% during the 2006–07 financial year, while the value of assets held by these funds grew by 30%.
“We are tailoring our education, support and compliance activities to assist trustees and approved auditors in this growing market to understand and meet their obligations under the law,” Mr D’Ascenzo said.
New features
This year, taxation statistics has been improved to include a new chapter on charities and not for profit organisations, as well as a chapter on the international aspects of the Australian tax system.
Other improvements include more information on rental properties, work-related deductions, superannuation co-contributions and enhancements to industry benchmarks.
Taxation statistics is developed in consultation with the Australian Bureau of Statistics, the Department of Treasury and a number of academic and professional bodies.
Taxation statistics is released some time after the year of income to which it relates to. This allows us to ensure it includes details from late lodgments of returns and activity statements.
The publication, including links to prior editions, is available at www.ato.gov.au
Last Modified: Tuesday, 18 March 2008
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