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Tuesday, 17 September 1985
Page: 631

(Question No. 93)


Senator Bolkus asked the Minister representing the Treasurer, upon notice, on 20 March 1985:

(1) What has been the percentage of Government tax revenue derived from (a) `pay as you earn' tax; and (b) company tax, in each budget since 1970-71, inclusive of the estimated 1985-86 Budget.

(2) If the corporate tax contribution to revenue was still at its 1975-76 level, how much more money would have been paid by this sector in each year since 1975-76, inclusive of the estimated 1985-86 financial year?


Senator Walsh —The Treasurer has provided the following answer to the honourable senator's question:

(1) Net PAYE collections and company income tax collections as percentages of total taxation revenue for financial years 1970-71 to 1984-85 are set out below:

Financial year

Net

PAYE

Company

Tax

%

%

1970-71...

34.0

19.5

1971-72...

36.8

18.8

1972-73...

37.4

18.5

1973-74...

39.0

18.0

1974-75...

43.1

16.7

1975-76...

41.7

15.0

1976-77...

43.4

14.4

1977-78...

45.2

14.5

1978-79...

44.6

13.0

1979-80...

44.5

12.5

1980-81...

43.5

14.5

1981-82...

46.1

13.4

1982-83...

46.1

11.7

1983-84...

44.1

9.8

1984-85*...

42.7

10.3

* As estimated in 1984-85 budget.

(2) Company tax collected during the 1975-76 financial year represented 15 per cent of total taxation revenue. If this percentage had been maintained in later years the extra revenue collected would have been as follows:

Financial Year

Amount

$M

1976-77...

121.8

1977-78...

106.6

1978-79...

456.7

1979-80...

689.3

1980-81...

175.3

1981-82...

614.6

1982-83...

1,357.1

1983-84...

2,291.6

1984-85*...

2,489.0

* Estimated.

Estimated collections for the 1985-86 financial year are not yet available.