Search

National tax toll tops $214 billion

AUSTRALIANS paid nearly $214 billion in taxes last financial year, with most paid in the form of personal and company income taxes

A revealing breakdown of the country’s taxes by the Common-wealth Treasury shows that Commonwealth taxes accounted for 70 per cent of the total.

This figure assumed that GST was a State tax, even though GST was designed by, is run by, and is collected by the Federal Government.

Nevertheless, treasury said that GST revenue is paid in full to the States and is therefore treated as a State tax.

The GST reaped total revenue of $24 billion, or 11 per cent of the total tax take.

The biggest contributors were personal income tax, which brought in $86 billion, and company tax, which brought in $27 billion.

Customs and excise duties brought in $24.8 billion, with about half this coming from excise duties on petroleum products.

The treasury document states that the Federal Government’s total tax receipts (which do not include GST) fell to 20.6 per cent of GDP in 2001-02, the lowest level in more than a decade.

The treasury document also highlights the importance of gambling taxes, which raised a total of $3.6 billion.

While this is a small portion of Australia’s total tax take, it re-presents more than 10 per cent of the tax revenue directly controlled by State governments.

Western Australia’s reliance on gambling taxes is markedly lower than other States, given the monopoly still enjoyed by Burswood on the use of gaming machines.

Add your comment

BNIQ sponsored byLPC cresa

Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 31/10/17

1 year TSR5 year TSR
167thMineral Resources57%20%
218thSouth3237%0%
242ndAtlas Iron31%-58%
345thWoodside Petroleum13%3%
473rdFortescue Metals Group-9%7%
726 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

10/11/17
$0 Bought
03/10/17
$9k Issued
29/09/17
$0 Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

1st-Fortescue Metals Group$10,999.7m
2nd↑South32$9,392.9m
3rd-Woodside Petroleum$5,715.9m
4th-Mineral Resources$1,470.4m
5th↑Atlas Iron$896.6m
491 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Fortescue Metals Group

3rdNev Power$5.324m
640thMark Barnaba$223k
756thSharon Warburton$170k
Ranked by total remuneration from all listed WA companies

BNiQ Disclaimer