Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Tuesday, 19 August 1980
Page: 1

Total receipts in 1980-81 are estimated at $34 471 million, an increase of 16.2 per cent. In addition to the measures announced in the Budget Speech, decisions affecting taxation revenue in 1980-81 were announced in the Treasurer's statement to the Parliament on 6 March 1980 and in the statement by the Minister for National Development and Energy on 8 April 1980. In the absence of the tax measures announced during 1979-80 and in the Budget, receipts would, have grown by an estimated 18.2 per cent in 1980-81.

The various taxation measures bearing on estimated receipts for 1980-81 are described in detail in the 'Measures' section of Statement No. 4.

The table below shows Budget receipts in 1979-80 and estimated receipts in 1980-81 in summary form; details are provided in the 'Estimates' section of Statement No. 4.

Budget Receipts - Summary

1979-80 1980-81


Some 41 per cent of the estimated increase in receipts in 1980-81 derives from strong increases in receipts from the excise on crude oil and LPG and from company income tax.

The further substantial increase in receipts from the excise on crude oil mainly reflects past increases in the import parity price. (It is assumed that the import parity price applicable since 1 July 1980 will not change in 1980-81). Revenue from the excise on LPG is also expected to increase sharply as a result of the full year effects of the new pricing and levy arrangements announced on 8 April 1980.

The strong growth in company tax reflects estimated faster growth during 1979-80 in company incomes subject to tax as well as the abolition of the trading stock valuation adjustment with effect from 1 July 1979 and the phasing down of the investment allowance to 20 per cent for eligible plant first used or installed ready for use after 30 June 1979.

Collections of individual, income tax are estimated to increase by 13.5 per cent Jul 1980-81, compared with 17.5 per cent in 1979-80. It is estimated that, in the absence of the measures announced in the Treasurer's statement of 6 March 1980 and in the Budget, individual income tax receipts would have increased by 17.9 per cent in 1980-81.

Suggest corrections