The Australian Taxation Office (ATO) recently released its 2018-19 Annual Report. The report shows net tax collections in 2018–19 were $426.0 billion, up $29.2 billion (7.4%) over the previous year, and $8.3 billion (2.0%) above the amount expected at the time of the Budget 2018–19.
Other key points on revenue performance:
- Company tax collections increased by $9.0 billion (10.7%). The outcome was $4.5 billion above the Budget forecast, largely reflecting higher-than-expected mining profits due to high commodity prices.
- Total individuals tax collections grew by $16.7 billion (8.1%). The outcome was $5.7 billion above the Budget forecast, partly reflecting higher-than-expected capital gains and dividend income, and weaker deductions.
- Superannuation income tax collections increased by $0.5 billion (4.3%). The outcome was $1.0 billion above the Budget forecast.
- Goods and services tax collections increased by $2.0 billion (3.2%). The outcome was $2.2 billion below the Budget forecast, reflecting weaker than expected growth in consumption and dwelling investment.
- Excise collections were $0.6 billion (2.6%) higher than 2017–18 and $0.2 billion higher than the Budget forecast.
The report can be downloaded from the ATO website. It is also available on the Transparency Portal, the new central storage point for publicly available corporate information for all Commonwealth bodies.
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