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  • Administered schedule of comprehensive income

    Administered schedule of comprehensive income for the period ended 30 June 2018
      Note 2018$'m 2017$'m Original Budget$'m
    NET COST OF SERVICES
    Expenses
    Subsidies 13A 9,550 9,452 9,964
    Personal benefits 13B 1,147 1,099 1,191
    Impairment on taxation receivables1   5,508 5,665 5,863
    Penalty and interest charge remission expenses   1,976 1,124 1,410
    Interest on overpayments   105 163 165
    Superannuation guarantee charge   628 282 317
    Other expenses   21 32 13
    Total expenses   18,935 17,817 18,923
    Revenue
    Taxation revenue
    Income tax2 14A 312,937 281,417 302,727
    Indirect tax2 14B 89,683 86,140 89,450
    Other taxes 14C 3,028 1,009 2,521
    Total taxation revenue   405,648 368,566 394,698
    Non-taxation revenue
    Unclaimed superannuation monies   158 534 300
    Other revenue   13 3 -
    Total non-taxation revenue   171 537 300
    Total revenue   405,819 369,103 394,998
    Net contribution by services   386,884 351,286 376,075
    Surplus on continuing operations   386,884 351,286 376,075
    Total comprehensive income   386,884 351,286 376,075
    1 Includes write-offs of $6,003 million (2017: $4,804) less re-raises of $1,266 million (2017: $917) and the movement in the impairment provision of $771 million (2017: $1,778). Prior year adjustments have also been made. Refer to Overview.
    2 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

    The actuals are lower than budget primarily due to lower than expected Research and development tax incentive (R&D), partially offset by strong Fuel tax credits (FTC) claims:
    • R&D claims grew slower than expected and there was increased ATO compliance activity denying more R&D claims.
    • The growth in FTC is consistent with higher fuel excise revenue primarily driven by higher diesel excise consistent with higher than expected business investment.
     
    Penalty and interest charge remission expenses The actuals are higher than budget primarily due to significant compliance related activities in 2017-18.
    Interest on overpayments The actuals are lower than budget primarily due to improved work practices reducing unnecessary delays and consequently, reduced Interest on overpayments.
    Superannuation guarantee charge The actuals are higher than budget primarily due to compliance activities and community awareness of Superannuation guarantee non-compliance resulting in high employee notifications.
    Income tax The actuals are higher than budget due to higher taxes from companies, individuals and superannuation funds, consistent with higher than expected growth in key commodity prices, salary and wages and capital gains, respectively.
    Indirect tax The actuals are higher than budget primarily due to Superannuation guarantee charge revenue which was driven by compliance activities and community awareness of Superannuation guarantee non-compliance resulting in high employee notifications.
    Unclaimed superannuation monies The actuals are lower than budget primarily due to higher than anticipated reunification of Unclaimed superannuation monies (USM). This reflects the greater than anticipated impact of a number of ATO initiatives aimed at reuniting USM with individual funds.

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

      Last modified: 26 Oct 2018QC 57061