Statement 5: Revenue
Cash receipts
Total receipts are expected to be $6.2 billion lower than revenue in 2008‑09, almost all of which is taxation receipts, and $8.6 billion lower than revenue in 2009‑10, including $8.3 billion in taxation receipts. While tax receipts are generally driven by the same factors as revenue, there will be differences as not all revenue raised in a given year is actually paid in that year. For example, past tax assessments may be amended as a result of compliance activity or the settlement of legal disputes and taxpayers may accrue new tax debts. These differences will exist for most revenue heads and will vary across years.
Table 5 provides a reconciliation of the Budget's receipts estimates with those at UEFO.
Table 5: Reconciliation of total Australian government general government
receipt estimates from the 2009 UEFO
Since 2009 UEFO, total receipts have been revised down by $7.3 billion in 2008‑09.
Taxation receipts were revised down by $8.4 billion from parameter and other variations, with lower receipts from individuals, companies and GST. Tax receipts from individuals reflect the weaker employment and wages forecasts in the second half of 2009, while companies' profits continue to fall. GST receipts reflect the lower consumption of taxable goods and services that occur as a result of decreased household incomes and increased household savings.
Since UEFO, total receipts have been revised down by $16.1 billion in 2009‑10.
Taxation receipts have been revised down by $14.5 billion from parameter and other variations, reflecting the expected contraction in economic activity. The continued weakness in employment and wages and the expected sharp contraction in company profits (partly due to expected falls in commodity prices) are expected to have significant impacts on individuals' income tax and company tax, respectively.
Further information on the difference between the accrual and cash taxation estimates is in Appendix E: Taxation revenue recognition.
If www.budget.gov.au responds slowly or you are having trouble downloading a document, try one of the Budget Website Mirrors
Note: Where possible, Budget documents are available in HTML and for downloading in Portable Document Format(PDF). If you require further information on any of the tables or charts on this website, please contact The Treasury.
