Federal tax windfall

Federal tax windfall: COMPANY tax payments have come in over government estimates following a stronger profit reporting season in Australia. More than $43 billion in corporate tax was added to budget revenues in the year to June 30. This came as the Government announced it’s biggest ever budget surplus of $13.6 billion for 2004-05, $4.4 billion more than forecast in May. Treasury said a possible reason for the company tax underestimate, which has been commonplace in the past few years, was the recent sale of many government-owned enterprises.

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