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  • Administered schedule of comprehensive income

    Administered schedule of comprehensive income as at 30 June 2017
      Note 2017$m 2016$m OriginalBudget$m
    NET COST OF SERVICES
    Expenses
    Subsidies 13A 9,452 9,092 9,765
    Personal benefits 13B 1,099 1,213 1,126
    Impairment on taxation receivables   5,665 3,384 4,698
    Penalty and interest charge remission expenses   1,124 1,150 1,800
    Interest on overpayments   163 174 230
    Superannuation guarantee charge   282 511 347
    Other expenses   32 26 31
    Total expenses   17,817 15,550 17,997
    Income tax
    Revenue
    Taxation revenue
    Income tax1 14A 281,683 265,573 284,552
    Indirect tax1 14B 86,146 83,430 86,605
    Other taxes 14C 1,009 960 1,051
    Total taxation revenue   368,838 349,963 372,208
    Non-taxation revenue
    Unclaimed superannuation monies   534 438 579
    Other revenue   3 - -
    Total non-taxation revenue   537 438 579
    Total revenue   369,375 350,401 372,787
    Net contribution by services   351,558 334,851 354,790
    Surplus on continuing operations   351,558 334,851 354,790
    1 Prior year adjustments have been made to these numbers. Refer to Overview.
    Budget Variances Commentary: Schedule of Comprehensive Income

    Affected line items

    Explanation of major variances

    Subsidies expenses

    The actuals were lower than budget primarily due to:

    1. Slightly lower growth in Research and Development claims

    2. ATO compliance activity resulting in disallowance of more Research and Development refundable tax offset claims

    Impairment on taxation receivables

    The actuals are higher than budget due primarily due to an increase in audit activity on large entities and entities entering insolvency.

    Penalty and interest charge remission expenses

    The actuals are lower than budget (particularly Individuals) primarily due to the continuing impact of the restatement of 2014-15 penalty remissions to adhere to the settlement policy.

    Interest on overpayments

    The actuals are lower than budget due to:

    1. Improved work practices reducing the processing time to issue refunds resulting in reduced entitlements to interest on overpayments

    2. Lower interest rate used to calculate actual expenditure

    Super guarantee charge

    SGC expense is predominantly driven by SGC revenue. The decrease in SGC expense was broadly in line with the decrease in SGC revenue. SGC revenue was lower than expected due to the pilot of a new employer engagement approach. This approach explored alternate methods to ensure SG payments are made to funds as quickly as possible without the need to proceed to audit action. However, as a result we have raised liabilities in fewer SGC cases than expected when preparing the original 2016-17 Budget

    Income tax

    The actuals are lower than budget primarily due to lower salary and wages growth for Individuals

    Indirect tax

    The actuals are lower than budget consistent with the lower consumption of goods and services subject to GST

    Unclaimed superannuation monies

    The actuals were lower than budget due:

    1. Higher USM Inflow offset by higher provision for USM Outflow for small member accounts with balances > $2000

    2. Higher USM outflow driven by ATO targeted campaign advising individuals to transfer their unclaimed super to an actual account resulted in more claims

    The above statement should be read in conjunction with the accompanying notes.

      Last modified: 30 Oct 2017QC 53651