Statement 5:
Revenue
(Continued)
Cash receipts
Total receipts are expected to be $9.0 billion lower than revenue in 2009‑10, almost all of which is taxation receipts, and $7.4 billion lower than revenue in 2010‑11, including $8.1 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. Further information on the difference between the accrual and cash taxation estimates is in Appendix E: Taxation revenue recognition.
Table 5 provides a reconciliation of the Budget's receipts estimates with those at MYEFO.
Since 2009‑10 MYEFO, total receipts have been revised up by $1.6 billion in 2009‑10.
Taxation receipts in 2009‑10 were revised up by $970 million from parameter and other variations, with higher receipts primarily from individuals' income taxes and GST. Tax receipts from individuals reflect the stronger employment forecasts since MYEFO. GST receipts reflect the increase in the consumption of taxable goods and services that has occurred as a result of the strong recovery in consumer spending and increased dwelling investment. The upward revisions to the estimates from individuals and GST have been somewhat moderated by the lower‑than‑anticipated company taxes since MYEFO.
Since MYEFO, total receipts have been revised up by $17.3 billion in 2010‑11.
Taxation receipts have been revised up by $16.8 billion from parameter and other variations, reflecting the expected improvement in economic activity. The forecast strength in the labour market and the expected increase in company profits, due to a stronger real economy and terms of trade, are expected to have significant impacts on individuals' income tax and company tax, respectively.
Table 5: Reconciliation of total Australian Government general
government receipt estimates from the 2009‑10 MYEFO
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