Budget 2011 - Summary of all tax collections

Budget 2011 - Summary of all tax collections

This table outlines the New Zealand Government's planned tax collections for the 2011/12 budget year.

Actual tax collected for the previous four years is on the left and includes, for the sake of comparison, the previous Labour Government's final spending in 2008.

The numbers are drawn together from data released by the Minister of Finance on May 19, 2011.

Links to the primary sources used, from Treasury's website, can be found at the bottom of the page.

Figures for each allocation are in millions of NZ$.

Actual
 2007/08
Actual
 2008/09
Actual
2009/10 
Forecast
2010/11 
  Budget
2011/12 
%
NZ$m NZ$m NZ$m NZ$m   NZ$m  
             
 2.6  1.5  1.6  2.0  Minor direct taxes 0.0   
91.5 90.4 81.7  4.0  Stamp and cheque duties 4.0   
 8.2 7.1 6.5 7.8  Energy resource levy - coal 7.8   
 38.1 31.4 32.7 28.0  Energy resource levy - gas 30.1   
 30.5  7.73 10.5 84.0  Other indirect taxes 84.0   
 226.0 214.3 171.3 169.0  Motor vehicle registration 167.8   
 301.9 264.9 265.3 263.0  Gaming duties 268.0   
 522.2 500.1 460.7 461.0  Fringe benefit tax 430.0   
 850.9 880.7 909.9 995.4  Road user charges 1,049.1   
 1,551.4 1,569.4 1,621.7 1,725.3  Excise duties (incl petrol) 1,801.8   
 1,857.4 1,879.8 1,873.1 1,991.0  Customs duty 2,053.0   
 3,601.1 2,772.1 2,156.0 2,141.0  Other persons (trusts, small businesses) 2,383.0   
 4,345.0 4,097.1 2,815.2 2,409.0  Withholding taxes 2,686.0   
 9,103.5 8,294.3 6,630.8 7,834.0  Company income tax 8,423.0   
 15,299.9 16,107.4 16,727.6 18,914.0  GST 21,077.0   
 23,768.8 22,966.1 22,134.7 21,161.0  Personal income tax 21,636.0   
 ====== =====  =====  =====   =================  =====  --- 
$61,599.2 $59,684.3 $55,899.4 $58,189.5  Total tax collected  $62,100.6  
$183,325 $185,449 $189,359 $200,291  GDP (nominal, per RBNZ)  $210,300 E
33.6% 32.2% 29.5% 29.1%  - Tax collected as % of GDP  29.5% E
and this compares with spending as follows:      
$66,070.3 $75,390.4 $76,053.8 $78,944.4 Total government spending $82,050.5  
        click on this link for details    
             
Not all the difference between tax collected and expenditure needs to be borrowed. The Crown has other sources of revenue than tax. The biggest single reason is that significant portions of National Super payments are pre-funded in the Super Fund. In 2011/12 the Government is expecting to borrow about $13.5 billion gross, $5.9 billion net.

Sources: You can download the data behind these tables from the Treasury website here >>

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12 Comments

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Highlight new comments in the last hr(s).

Only a $20b shortfall then.

This govt. is really showing us how to live within our means. Yeah Right!

Interesting that they're predicting a 7.5% increase in company income tax collected - yet 2011/12 is when the 2% reduction in that rate kicks in?

  

That 2% reduction in rate (30% to 28%) equates to a 6.67% drop in the amount of tax paid on the same taxable profit.

To get a 7.5% increae in company tax they must have been working on a 15% increase in company profits.

Well, let's hope they know something we don't!

:-)

There's approx an 18.75% increase in dairy farmers income this current financial year-around $1.14/kg up to 31 May over same time last year.  Quite a bit of it has come in this calendar year which means that most of it will go as profit, as the season didn't turn around climatically for most until the last couple of months.  To counter that there has been a significant number of sheep farms converted to dairy for the new season starting 1 June who will have all the deductions for development. 

I believe that this govt is expecting farming to be it's saviour given that there are high commodity prices, however, the reality maybe somewhat different.  The IRD stock values will play a potentially significant part in taxable farm profit.  A cow was valued at around $1400 by IRD last year, this year you are lucky to get cows for less than $1900 so if they put them up to $1800 as is expected, a 400cow herd in the could have a $160,000 taxable profit on that - before anything else is taken in to consideration. If they don't raise it then those buying cows @ $2000/cow could have a considerable write down.

From what you are saying, and which I agree with, the 2011 farming year has been very good but profits for the 2012 year will be down significantly. Commodity prices are softening and government - local, regional and central - amongst others are pushing up costs.

So, does the income for the 2011 farming tax year get included in the government's 2011 income or in 2012? If the latter agriculture contributes its 15% increase in company profits in 2012 but loses some of that in 2013. If the former TSY must be relying on big gains elsewhere, but where? Surely not only from rebuilding Christchurch?

Bill explains where the 4% growth is going to come from here:

http://www.radionz.co.nz/national/programmes/morningreport/audio/2489546/finance-minister-defends-direction-of-budget.asx

Basically booming commodity prices are going to flow onto the services sector and the ChCh rebuild will help as well (wink wink, nudge nudge). Amusing also that when he talks about our exports he is clearly only thinking of the agricultural sector.

 

I happened to listen to the two prior speakers on the subject and wasn't greatly impressed with either, so believed Bill would be even worse and turned it off within a couple of minutes of him appearing.

I am little interested in 4% growth in GDP (presumably again driven by credit expansion) but I am interested in where 15% growth in taxable company profit is supposed to come from. Bill needs to explain the latter - borrow and spend adequately explains the former.

Does Bill even know what a commodity bubble looks like? Probably not, he is ex TSY and I think they still believe in perfect markets. The RBNZ at least accepts the possibility of bubbles - something that emphasises the competency gap between TSY and the RBNZ.

15% growth in profits isn't hard to achieve coming out of a recession.  The question is will we be truly comingout of a recession or bouncing along the bottom as we have been.  If you have sales of 100k, fixed costs of 40k and variable costs of 40k, you will have a profit of 20k.  If your revenue rises 5%, you will have revenue of 105, fixed costs of 40k and variable costs of 42k, a profit of 23k or a 15% increase.  Basic accounting.  Don't equate profit with revenue. 

Which is why dairy farmer profit will be up massively.  The $7.50 milk price this year will also be mostly paid out to farmers in the 2012 financial year which is a plausible explanation for the company profit groowth.  Problem is most other companies especially retail wont be achieving much revenue growth at all, so not sure wether dairy can make up the 15% increase.

 

Fonterra dairy farmers will have received $6.20 of the $7.50 on 20th June 2011 - which is included in the 2011 year. So only $1.30 will be carried forward in to the 2012 year. Or are you saying payout for the 2011/12  will be the same as this current season?

How embarassing - try to find Conservation in there ... and JK was ignorant enough to attempt to defend us as 100% pure... pure BS, that's for sure!

And look at the cost of IRD - implement Gareth Morgan's Big Kahuna and kiss most of that chasing and scrutinising goodbye.  Such simplicity would negate all the money/effort spent on tweeking and poking our convoluted tax rules in an effort to reign in avoidance.  Avoidance that is perfectly legal provided you structure things right.  What a waste of time (and money).