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Revenue collections increase by 7.4%
Collections are measured in cash terms
We collected net tax of $198,732 million in 2003-04, an increase of $13,688 million (or 7.4%) on last year. The increased collections were largely from PAYG withholding, company tax, GST and collections from other individuals.
Collections from other individuals comprise income tax and Medicare levy paid by individuals that are not collected through the PAYG withholding system. They include PAYG instalments, balances payable on assessment and payments arising from audits.
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PAYG withholding collections were $5,363 million (6.3%) more than last year, reflecting growth in wages and employment. Company collections were $3,260 million (10.0%) more than last year, reflecting strong income and profit growth stemming from buoyant economic conditions. Company collections continued the trend of recent years of growing more quickly than gross domestic product. GST collections were $2,496 million (8.1%) more than last year, due to the strong demand for goods and services created by positive conditions in the domestic economy. Collections from other individuals were $2,505 million (14.4%) more than last year. This was due to strong growth in the property-related income of individuals and the high profitability of the small business sector flowing from a strong economy.
Other categories that experienced significant growth in collections over 2002-03 were tax on contributions and earnings of superannuation funds ($631 million), excise ($346 million) and fringe benefits tax ($121 million). There was less significant growth for the superannuation surcharge, luxury car tax and wine equalisation tax.
This growth was offset by an increase in refunds to individuals ($774 million), and a fall in revenue from petroleum resource rent tax ($544 million) due to reduced production and higher costs in the petroleum extraction industry.
Revenue collections also exceeded 2003 Federal Budget forecasts by almost $8.8 billion (4.6%), with the main contributors being company tax ($3.8 billion), GST ($1.5 billion), PAYG withholding ($1.4 billion) and collections from other individuals ($1.2 billion).
Table 2.1: Total revenue collections, by head of revenue, 1994-95 to 2003-00 (96 KB)
Figure 2.4: Revenue collections, by head of revenue, 1994-95 to 2003-04 (40 KB)
Figure 2.5: Revenue collections from other taxes, by tax, 1994-95 to 2003-04 (43 KB)
Table 2.2: Amount refunded, by type of tax, 1995-96 to 2003-04 (62 KB)
Figure 2.7: Capital gains tax collections, 1993-94 to 2002-03 (37 KB)
Table 2.3: Overview of capital gains tax collections, 2000-01 to 2002-03 (53 KB)
Table 2.5: Comparison of actual 2002-03 results, 2003-04 budget estimates and actual results (cash basis) (123 KB)
Table 2.6: Comparison of actual 2002-03 results, 2003-04 Budget Administered Outlay estimates and actual results (cash basis)
Sections within 2.3 Output 1.1.2 - management of revenue collections and transfers
Last Modified: Monday, 10 October 2005