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  • Trends and latest findings

    The net tax gap for small super funds for the 2016–17 financial year is $28 million (2%). This estimate is expected to be refined in future years as more returns are lodged and finalised, and additional random enquiry programs are undertaken. This will enable more insightful estimate methods.

    The gross gap has increased over the estimated years, from 1.6% in 2014–15 to 2.9% in 2016–17. The net gap has also increased each year – from 1.1% in 2014–15, to 1.5% in 2015–16, then to 2.0% in 2016–17.

    The gap is mostly the result of errors in reporting contributions, net capital gains, trust distributions, and exempt current pension income. When extrapolated over a large population the result produces a relatively small tax gap.

    Note that amounts reported in this estimate are rounded to the nearest $ million.

    Table 1 shows the dollar values at the various elements involved in calculating the gap for 2015–16 to 2017–18. The gross and net gaps are also shown as percentages.

    Table 1: Income tax gap – small super funds, 2014–15 to 2016–17

    Element

    2014–15

    2015–16

    2016–17

    Tax reported ($m)

    1,484

    1,319

    1,380

    Gross gap ($m)

    24

    29

    41

    Adjustments ($m)

    7

    9

    13

    Net gap ($m)

    17

    20

    28

    Gross gap (%)

    1.6

    2.2

    2.9

    Net gap (%)

    1.1

    1.5

    2.0

    Figure 1 shows the tax reported and the net income tax gap over the same period.

    Figure 1: Amount reported and net income tax gap – small super funds, 2014–15 to 2016–17

    Figure 1: This graph shows the amount of income tax paid and the net gap stated in Table 1 for the years 2014–15 to 2016–17.

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      Last modified: 17 Oct 2019QC 56336