Progress of recommendations from the AFTS review’s forty year vision
Description: This chart shows the cumulative number of recommendations from the Australia's Future Tax System Review that the Government has progressed since the report's release in 2009. In the space of only a few years, the Government has acted on over a third of the 138 recommendations set out in the AFTS report.
Take me back to page 5 of the Tax glossyGeneral government tax to GDP ratio for OECD countries, 2010
Description: This bar chart compares the tax-to-GDP ratios of 34 OECD countries. Australia has the fifth lowest tax-to-GDP ratio. Only Mexico, Chile, the United States and Korea are lower taxing than Australia.
Take me back to page 6 of the Tax glossyMaking room for the National Plan for School Improvement and DisabilityCare Australia
Description: This chart shows how long-term saves made in the 2013-14 Budget and 2012-13 MYEFO make room for DisabilityCare Australia and the National Plan for School Improvement.
Take me back to page 6 of the Tax glossyRevenue write ups and write downs
Description: This chart shows that revenue was written up substantially from the 2003-04 Budget to 2008-09 Budget. In contrast, the period since the 2008-09 Budget has seen significant revenue write-downs.
Take me back to page 7 of the Tax glossyBudget balance comparison if tax to GDP ratio remained at 2007-08 level
Description: The chart compares the Government's underlying cash balance (UCB) with an alternative UCB had tax receipts remained at the level inherited by this Government in 2007-08 (23.7 per cent of GDP) then, with all other things equal, the Government would have been achieving budget surpluses from 2012-13 onwards. The 2013-14 Budget estimates budget surplus in
Take me back to page 7 of the Tax glossyDebt loading structures eroding Australia's corporate tax base
Description: This diagram shows a foreign parent company acquiring another foreign company but then refinancing the arrangement through Australia. This refinancing involves the foreign parent company utilising an Australian subsidiary, lending it money for the purpose of acquiring the other foreign company. The Australian company purchases the foreign company using a special hybrid share as a result the diagram shows an exempt dividend flow coming back to Australia. The package will address this loophole by ensuring the exemption cannot apply to returns on debt. The Australian company can then also claim a deduction for the interest payments that flow back to the parent company. The package will repeal this provision that allowed a deduction to be claimed for interest expenses incurred in deriving certain exempt foreign income. The combined effect of this structure has been to wipe out the Australian taxable income of a mature Australian company. The Commissioner of Taxation has observed replication of this structure.
Take me back to page 9 of the Tax glossyCombined benefit of new depreciation arrangements
Description: Joe sets up a new construction business and is a small business entity. He buys a $20,000 ute and $5,000 of equipment. Under the new rules Joe will spend less time on the calculator and have more money in his pocket sooner.
Take me back to page 10 of the Tax glossyNew tax breaks for small business
Description: This chart shows the cost for small business of the instant asset write-off, motor vehicle write-off and the portion of loss carry-back from 2013-14 to 2016-17.
Take me back to page 11 of the Tax glossyPRRT — volatile but growing collections
Description: This chart shows Petroleum Resource Rent Tax collections since 1986. The PRRT has raised more than $28 billion over that period.
Take me back to page 12 of the Tax glossyValue of tax cuts and change in the Medicare levy from 2012 13 compared to 2007 08 tax scales
Description: This graph shows the estimated net value of the tax cuts from 2012-13 to 2016-17 and the change in the Medicare Levy.
Take me back to page 14 of the Tax glossyProportion of working women with access to paid parental leave
Description: This chart demonstrates that only 50 per cent of working women had access to paid parental leave (employer funded) prior to the Government's introduction.
Take me back to page 16 of the Tax glossyEffective marginal tax rate for a single principal carer with two kids (aged 9 and 14) in 2013 14
Description: This chart shows how the Government's reforms to the tax and transfers system decrease effective marginal tax rates for a single principal carer with two kids (aged 9 and 14) in 2013-14 at different earnings levels.
Take me back to page 17 of the Tax glossyCumulative savings from removing inefficient personal tax and FBT concessions
Description: This chart shows cumulative savings from removing inefficient personal tax and fringe benefits tax concessions.
Take me back to page 18 of the Tax glossySavings in 2016 17 from better targeting FBT concessions
Description: This chart shows the projected savings in 2016-17 generated from the Government's reforms to better target fringe benefits tax concessions.
Take me back to page 19 of the Tax glossyThis chart shows the projected savings in 2016-17 generated from the Government's reforms to better target fringe benefits tax concessions.
Description: This chart shows movements in the superannuation guarantee rate since 1992-3. The Government's reforms will boost the super guarantee rate to 12 per cent by 2019.
Take me back to page 20 of the Tax glossyGrowth in maximum rate single Age Pension (per fortnight)
Description: This chart shows growth in the maximum single Age Pension from 2007 to 2013.
Take me back to page 21 of the Tax glossyProjected increase (in 2013 dollars) in benefits at retirement from the Superannuation Guarantee increase
Description: This chart shows the projected boost to retirement savings that the increase to the superannuation guarantee will have for individuals on the minimum wage and individuals earning "average weekly ordinary time earnings" at different age points. The superannuation guarantee will increase from 9 per cent to 9.25 per cent on 1 July 2013 and increase further each year until it reaches 12 per cent from 1 July 2019. This chart shows that a 30 year old earning the minimum wage can expect an increase to their superannuation balance on retirement of $62,347 while an individual on average weekly ordinary time earnings can expect an increase of $126,814. Both of these amounts are in 2013 dollars. An individual at age 50 earning the minimum wage can expect an increase of $16,309 in retirement savings. An individual aged 50 earning average weekly ordinary time earnings can expect an increase of $29,542 in retirement savings as a result of these reforms. Both of these amounts are in 2013 dollars.
Take me back to page 22 of the Tax glossyChange in concession for superannuation contributions
Description: The first chart shows the change in concession for superannuation contributions available in 2007-08 compared to 2012-13 at different income points. This chart shows a decrease in cents per dollar of concession from 30 cents to 15 cents for the top 1 per cent of income earners between these years. The chart also shows an increase for individuals on the minimum wage from having no concession to a concession of 19 cents in the dollar.
Take me back to page 23 of the Tax glossyChange in concession for superannuation contributions
Description: The second chart is similar to the first chart but shows the change in concessions for superannuation contributions between 2007-08 and 2012-13 in average dollar value amounts. For the top 1 per cent of income earners, the average dollar value of total superannuation concessions decreased from $12,980 to $3,240 between 2007-08 and 2012-13. For individuals on the minimum wage, the average dollar value of superannuation tax concessions increased from $210 in 2007-08 to $570 in 2012-13. In both charts there is a only a relatively small change in the amount of concession for individuals on average weekly ordinary times earnings.
Take me back to page 23 of the Tax glossyTax mix 2012-13
Description: This is a pie chart. It shows the tax mix in 2012-13. Individuals' income tax makes up 48% of Commonwealth revenues, indirect taxes comprise 28% and other taxes make up the remaining 24%.
Take me back to page 24 of the Tax glossySources of state and territory tax revenue in 2011-12
Description: This is a pie chart. It shows sources of state tax revenue in 2011-12. Payroll tax and stamp duties make up over 50% of state tax revenues in this period. Motor vehicle taxes and land tax contribute 13% and 10% respectively. Gambling taxes, insurance taxes and other taxes made up the remaining 24% of state tax revenues in 2011-12.
Take me back to page 25 of the Tax glossy