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Australian Government Coat of Arms

Budget | 2014-15

Budget 2014-15
Australian Government Coat of Arms, Budget 2014-15

Statement 5 (continued)

Variations in receipts estimates

Table 4 reconciles the 2014‑15 Budget's estimates of total receipts, which include non‑tax receipts, with the 2013‑14 Budget and the 2013‑14 MYEFO estimates. These differences reflect the impact of parameter and other variations and policy decisions.

Table 4: Reconciliation of Australian Government general government receipts estimates from the 2013‑14 Budget and the 2013‑14 MYEFO(a)
  Estimates   Projections
  2013‑14
$m
2014‑15
$m
2015‑16
$m
  2016‑17
$m
  Total
$m
Receipts at 2013‑14 Budget 375,993 401,171 428,931   453,642   1,659,738
Changes from 2013‑14 Budget to 2013‑14 MYEFO              
Effect of policy decisions 2,741 -2,374 -1,163   -43   -839
Effect of parameter and other variations -13,804 -16,054 -18,684   -20,783   -69,325
Total variations -11,063 -18,428 -19,847   -20,826   -70,164
Receipts at 2013‑14 MYEFO 364,930 382,743 409,084   432,817   1,589,574
Changes from 2013‑14 MYEFO to 2014‑15 Budget              
Effect of policy decisions -2 673 1,916   2,786   5,373
Effect of parameter and other variations -1,432 2,362 -573   1,247   1,604
Total variations -1,434 3,035 1,343   4,033   6,977
Receipts at 2014‑15 Budget 363,496 385,778 410,427   436,849   1,596,551

(a) Includes expected Future Fund earnings.

Since the 2013‑14 MYEFO, total receipts have been revised up by $7.0 billion in the four years to 2016‑17, reflecting an upwards revision of $1.6 billion from parameter and other variations, and an increase of $5.4 billion of policy decisions. Excluding GST, total receipts have been revised up $2.0 billion in 2014‑15 and $2.5 billion over the four years to 2016‑17.

Chart 2: Revisions to total receipts estimates since the 2013‑14 MYEFO

This chart shows that since the 2013‑14 MYEFO, total receipts have been revised up by around $3.0 billion in 2014‑15 and by around $7.0 billion over the four years to 2016‑17. The chart decomposes the revisions into variations that stem from policy devisions and variations that stem from parameter and other variations.

Source: Treasury.

[View chart data]

The changes in the individual revenue heads relative to the 2013‑14 MYEFO are shown in Table 5 and Table 6 for 2013‑14 and 2014‑15 respectively.

Table 5: Reconciliation of 2013‑14 general government (cash) receipts
  Estimates Change on MYEFO
  MYEFO
$m
Budget
$m
  $m %
Individuals and other withholding taxes          
Gross income tax withholding 157,200 156,700   -500 -0.3
Gross other individuals 34,000 34,200   200 0.6
less: Refunds 27,200 27,100   -100 -0.4
Total individuals and other withholding tax 164,000 163,800   -200 -0.1
Fringe benefits tax 4,090 4,090   0 0.0
Company tax 69,000 68,000   -1,000 -1.4
Superannuation fund taxes 6,860 6,530   -330 -4.8
Minerals resource rent tax(a) 500 170   -330 -66.0
Petroleum resource rent tax 1,750 1,400   -350 -20.0
Income taxation receipts 246,200 243,990   -2,210 -0.9
Goods and services tax 50,248 51,003   755 1.5
Wine equalisation tax 740 760   20 2.7
Luxury car tax 400 430   30 7.5
Excise and customs duty          
Petrol 5,850 6,000   150 2.6
Diesel 8,990 8,990   0 0.0
Other fuel products 3,820 3,690   -130 -3.4
Tobacco 8,350 7,850   -500 -6.0
Beer 2,360 2,370   10 0.4
Spirits 1,990 1,890   -100 -5.0
Other alcoholic beverages(b) 970 960   -10 -1.0
Other customs duty          
Textiles, clothing and footwear 750 770   20 2.7
Passenger motor vehicles 930 920   -10 -1.1
Other imports 1,570 1,650   80 5.1
less: Refunds and drawbacks 260 360   100 38.5
Total excise and customs duty 35,320 34,730   -590 -1.7
Carbon pricing mechanism 7,180 7,180   0 0.0
Agricultural levies 459 476   17 3.8
Other taxes 2,933 3,074   140 4.8
Indirect taxation receipts 97,280 97,653   373 0.4
Taxation receipts 343,480 341,643   -1,837 -0.5
Sales of goods and services 8,626 8,764   138 1.6
Interest received 3,591 3,210   -381 -10.6
Dividends 2,883 3,040   157 5.4
Other non-taxation receipts 6,350 6,840   490 7.7
Non-taxation receipts 21,451 21,854   403 1.9
Total receipts 364,930 363,496   -1,434 -0.4
Memorandum:          
Total excise 26,400 25,720   -680 -2.6
Total customs duty 8,920 9,010   90 1.0
Capital gains tax(c) 7,900 7,500   -400 -5.1
Medicare and DisabilityCare Australia levy(d) 9,950 10,480   530 5.3

(a) Net receipts from the MRRT is expected to be $100 million in 2013‑14 which represents the net receipt impact across different revenue heads. These include offsetting reductions in company tax (through deductibility) and interactions with other taxes. The Government has announced the MRRT will not apply beyond 30 June 2014.

(b) Other alcoholic beverages are those not exceeding 10 per cent by volume of alcohol (excluding beer, brandy and wine).

(c) Capital gains tax is part of gross other individuals, company tax and superannuation fund taxes.

(d) At the 2013‑14 MYEFO, the Medicare and DisabilityCare Australia levy estimates were based on when the liability to the levy is assessed. From the 2014‑15 Budget, estimates are based on when collections relating to the levy are received.

Table 6: Reconciliation of 2014‑15 general government (cash) receipts
  Estimates Change on MYEFO
  MYEFO
$m
Budget
$m
  $m %
Individuals and other withholding taxes          
Gross income tax withholding 168,800 169,400   600 0.4
Gross other individuals 36,600 37,100   500 1.4
less: Refunds 28,000 27,700   -300 -1.1
Total individuals and other withholding tax 177,400 178,800   1,400 0.8
Fringe benefits tax 4,470 4,360   -110 -2.5
Company tax 70,500 71,600   1,100 1.6
Superannuation fund taxes 8,760 7,680   -1,080 -12.3
Minerals resource rent tax(a) 300 0   -300 -100.0
Petroleum resource rent tax 2,100 1,950   -150 -7.1
Income taxation receipts 263,530 264,390   860 0.3
Goods and services tax 52,948 53,978   1,030 1.9
Wine equalisation tax 780 780   0 0.0
Luxury car tax 380 360   -20 -5.3
Excise and customs duty          
Petrol 5,650 5,950   300 5.3
Diesel 9,180 9,250   70 0.8
Other fuel products 3,580 3,710   130 3.6
Tobacco 9,110 8,710   -400 -4.4
Beer 2,360 2,400   40 1.7
Spirits 2,090 1,930   -160 -7.7
Other alcoholic beverages(b) 990 980   -10 -1.0
Other customs duty          
Textiles, clothing and footwear 600 600   0 0.0
Passenger motor vehicles 920 820   -100 -10.9
Other imports 1,600 1,650   50 3.1
less: Refunds and drawbacks 260 360   100 38.5
Total excise and customs duty 35,820 35,640   -180 -0.5
Carbon pricing mechanism 1,695 1,695   0 0.0
Agricultural levies 470 469   -1 -0.1
Other taxes 2,980 3,059   79 2.7
Indirect taxation receipts 95,073 95,982   909 1.0
Taxation receipts 358,603 360,372   1,769 0.5
Sales of goods and services 8,442 8,910   468 5.5
Interest received 3,544 3,657   113 3.2
Dividends 3,891 4,257   366 9.4
Other non-taxation receipts 8,263 8,583   320 3.9
Non-taxation receipts 24,140 25,407   1,267 5.2
Total receipts 382,743 385,778   3,035 0.8
Memorandum:          
Total excise 26,640 26,370   -270 -1.0
Total customs duty 9,180 9,270   90 1.0
Capital gains tax(c) 10,700 9,000   -1,700 -15.9
Medicare and DisabilityCare Australia levy(d) 10,380 14,160   3,780 36.4
Temporary Budget Repair Levy(e) - 600   - -

(a) Net receipts from the MRRT is expected to be zero in 2014‑15 which represents the net receipt impact across different revenue heads. These include offsetting reductions in company tax (through deductibility) and interactions with other taxes.

(b) Other alcoholic beverages are those not exceeding 10 per cent by volume of alcohol (excluding beer, brandy and wine).

(c) Capital gains tax is part of gross other individuals, company tax and superannuation fund taxes.

(d) At the 2013‑14 MYEFO, the Medicare and DisabilityCare Australia levy estimates were based on when the liability to the levy is assessed. From the 2014‑15 Budget, estimates are based on when collections relating to the levy are received.

(e) This represents the net impact of the Temporary Budget Repair Levy on individuals and other withholding taxes. An additional $680 million is expected to be raised over the forward estimates through the temporary increase in the FBT rate that was announced as part of the temporary levy.

Variations in receipts can stem from either policy changes or parameter and other variations — that is, recent economic conditions, the updated economic outlook, year‑to‑date tax collections, and other non‑policy factors. The key economic parameters that influence receipts are shown in Table 7. Analysis of the sensitivity of the tax receipts estimates to changes in the economic outlook is provided in Budget Statement 3 (Appendix A).

Table 7: Key economic parameters(a)
  Estimates    Projections
  2013‑14 2014‑15 2015‑16   2016‑17 2017‑18
Revenue parameters at 2014‑15 Budget            
Nominal gross domestic product (non-farm) 4 3 1/4 4 3/4   5 5
Change since 2013‑14 MYEFO 1/4 - 1/4 0   1/4 na
Compensation of employees (non-farm)(b) 3 1/4 4 1/4 4 1/4   5 1/4 5 1/4
Change since 2013‑14 MYEFO 1/4 1/4 -1 1/2   - 1/4 na
Corporate gross operating surplus(c) 5 1/4 1/2 5   4 4 1/4
Change since 2013‑14 MYEFO 1 1/4 -2 1/4 2 3/4   1 1/2 na
Unincorporated business income (non-farm) 1 1/4 1 1/4 2 3/4   5 5
Change since 2013‑14 MYEFO 0 1/2 -2   1/4 na
Property income(d) 10 1/2 8 1/2 12 1/4   5 5
Change since 2013‑14 MYEFO - 1/4 2 7 1/4   0 na
Consumption subject to GST 4 1/2 5 5 1/4   5 1/2 5 3/4
Change since 2013‑14 MYEFO 1 1/4 3/4 - 1/4   0 na

(a) Current prices, per cent change on previous years. Changes since the 2013‑14 MYEFO are percentage points and may not reconcile due to rounding.

(b) Compensation of employees measures total remuneration earned by employees.

(c) Corporate GOS is an Australian System of National Accounts measure of company profits, gross of depreciation.

(d) Property income measures income derived from rent, dividends, and interest.

na not applicable.

Relative to the 2013‑14 MYEFO, parameter and other variations have reduced tax receipts by $1.8 billion in 2013‑14, increased tax receipts by $1.2 billion in 2014‑15, and decreased them by $2.9 billion over the four years to 2016‑17 (Chart 3). Excluding GST, from the effect of parameter and other variations, forecast tax receipts have declined by $2.6 billion in 2013‑14, increased by around $150 million in 2014‑15 and declined by around $7.4 billion over the four years to 2016‑17.

Chart 3: Parameter and other variations to tax receipts since the 2013‑14 MYEFO

This chart shows the tax receipts revisions since 2013‑14 MYEFO decomposed into variations by revenue source.

Source: Treasury.

[View chart data]

In aggregate, tax receipts are expected to grow by 4.7 per cent in 2013‑14 and 5.5 per cent in 2014‑15. At a disaggregated level, different revenue heads are expected to grow at different rates.

Individuals' income and other withholding taxation receipts

Receipts from gross income tax withholding (ITW) are forecast to grow by 4.6 per cent in 2013‑14 and 8.1 per cent in 2014‑15. Excluding measures, relative to the 2013‑14 MYEFO, softer than expected wages growth has resulted in a downward revision to gross ITW receipts of $6.1 billion over the four years to 2016‑17. ITW receipts have also been affected by new policy decisions, including the Temporary Budget Repair Levy from 2014‑15.

Gross receipts from other individuals (OI) are expected to grow by 2.7 per cent in 2013‑14 and 8.5 per cent in 2014‑15. Since the 2013‑14 MYEFO, OI receipts excluding measures, are expected to be $200 million higher in 2013‑14 and around $250 million higher over the four years. These upwards revisions are driven by slightly stronger than expected collections in 2013‑14 and expected wages and salaries growth in 2013‑14 and 2014‑15. OI has also been affected by the Temporary Budget Repair Levy from 2014‑15.

Income tax refunds for individuals, which have a negative effect on receipts, are expected to grow by 1.1 per cent in 2013‑14 and 2.2 per cent in 2014‑15. Relative to the 2013‑14 MYEFO, refunds are expected to be lower (an increase in overall tax receipts) excluding measures, revised down $100 million in 2013‑14 and $1.5 billion over the four years to 2016‑17. This has been driven by weaker than expected payouts for refunds in 2013‑14 and lower anticipated individuals income tax over the forward estimates. The removal of the Mature Age Workers Tax Offset and Dependent Spouse Tax Offset, which had become outdated or poorly targeted, are expected to also affect refunds.

Fringe benefits tax

Tax receipts from fringe benefits tax (FBT) are forecast to grow by 4.3 per cent in 2013‑14 and 6.6 per cent in 2014‑15. Excluding measures, tax receipts from FBT are unchanged in 2013‑14 but $450 million lower over the four years to 2016‑17 relative to the 2013‑14 MYEFO. The downward revision over the forward estimates is driven by softer expected wage growth. FBT receipts have also been affected by the Temporary Budget Repair Levy from 2014‑15.

Company tax

Company tax receipts are expected to grow by 1.6 per cent in 2013‑14 and 5.3 per cent in 2014‑15. Relative to the 2013‑14 MYEFO, tax receipts from companies excluding measures are expected to be around $1.0 billion lower in 2013‑14 owing to lower than expected collections relating to the 2012‑13 income year. Further information on the reasons for this weakness will become available with more tax return data. Over the four years to 2016‑17, company tax receipts have been revised up by around $4.7 billion reflecting higher corporate profitability.

Superannuation fund taxes

Superannuation funds receipts are expected to decline by 14.8 per cent in 2013‑14 and grow by 17.6 per cent in 2014‑15. The large growth rate in 2014‑15 is driven by superannuation capital gains tax recovering from historical lows of the previous four years. Excluding measures, since the 2013‑14 MYEFO, receipts are expected to be around $330 million lower in 2013‑14 and $2.9 billion over the four years to 2016‑17 largely reflecting a revision to anticipated superannuation capital gains tax with weaker wages also contributing.

Resource rent taxes

Since the 2013‑14 MYEFO, minerals resource rent tax (MRRT) receipts have been revised down by $330 million in 2013‑14 and $300 million in 2014‑15. The 2014‑15 nil estimate takes into account balancing payments and refunds from the 2013‑14 year.

Petroleum resource rent tax (PRRT) receipts are forecast to decline by 7.1 per cent in 2013‑14 and grow by 39.3 per cent in 2014‑15. The growth rate in 2014‑15 is driven by increased production from 2013‑14 to 2014‑15 as well as the timing of payments. Excluding measures, PRRT receipts have been revised down by $350 million in 2013‑14 and around $1.3 billion over the four years to 2016‑17 since the 2013‑14 MYEFO. These revisions reflect lower expected profitability of PRRT liable entities.

Box 1: The MRRT has raised much less than originally forecast

This Budget confirms that receipts from the mining tax are a small fraction of what was originally estimated under the former government.

When the resource super profits tax (RSPT) was announced in May 2010, it was forecast to raise $12.0 billion in its first two years, and $49.5 billion over five years.

In July 2010, the former government announced it would introduce a modified mining tax from 1 July 2012, the minerals resource rent tax (MRRT), in place of the RSPT. Forecast receipts from the MRRT were $10.5 billion over the first two years, and $26.5 billion over five years (Chart A).

In contrast, the Final Budget Outcome for 2012‑13 revealed that in its first year, the MRRT raised just $200 million, or 5 per cent of the amount originally estimated. The shortfall in collections was driven by a combination of lower Australian dollar commodity prices and design elements of the MRRT.

In 2013‑14, net receipts from the MRRT are expected to be even lower, around $100 million, partly due to some companies claiming refunds from overpaid MRRT instalments from the previous year (this is down from $700 million forecast in the 2013‑14 Budget and 2013 PEFO). The 2014‑15 Budget forecast of $100 million is less than 2 per cent of the amount originally envisaged.

The MRRT will be repealed from 1 July 2014.

Chart A: Estimates of net receipts from the mining tax

The amount of tax collected versus what was expected for MRRT.

Note: Estimates of net receipts from the RSPT and MRRT represent the net impact across different revenue heads. These include offsetting reduction in company tax (through deductibility) and interactions with other taxes.

Source: Treasury

[View chart data]

Goods and services tax

Receipts from GST are forecast to grow by 5.0 per cent in 2013‑14 and 5.8 per cent in 2014‑15. Since the 2013‑14 MYEFO, GST receipts excluding measures have been revised up $750 million in 2013‑14 and $4.5 billion over the four years to 2016‑17 as a result of stronger expected consumption growth.

Excise and customs duty

Excise and customs duty receipts are forecast to grow by 3.5 per cent in 2013‑14 and by 2.6 per cent in 2014‑15. Excluding measures, excise and customs duty receipts have been revised down from the 2013‑14 MYEFO by $600 million in 2013‑14 and by $2.7 billion over the four years to 2016‑17. This is primarily a result of lower expected clearances of tobacco and alcohol. New policy decisions, particularly fuel excise indexation, have increased expected excise and customs duty receipts.

Carbon pricing mechanism

Since the 2013‑14 MYEFO, there has been no revision to expected carbon tax receipts. Carbon tax receipts are expected to be $7.2 billion in 2013‑14 and $1.7 billion in 2014‑15. The 2014‑15 forecast carbon tax is a result of final acquittals of carbon tax liabilities for 2013‑14.

Other sales taxes

Other sales taxes include the wine equalisation tax (WET) and the luxury car tax (LCT).

Since the 2013‑14 MYEFO, estimates of WET receipts are broadly unchanged and expected to grow by 4.8 per cent in 2013‑14 and 2.6 per cent in 2014‑15.

LCT receipts are expected to decline by 1.0 per cent in 2013‑14 and 16.3 per cent in 2014‑15. Excluding measures, LCT receipts have been revised up $30 million in 2013‑14, while over the four years to 2016‑17 they are expected to decline by $190 million since the 2013‑14 MYEFO. This downward revision reflects lower expected sales volumes and prices of motor vehicles subject to LCT.

Non‑taxation receipts

Non‑taxation receipts (including Future Fund earnings) are expected to decline by 11 per cent in 2013‑14 and grow by 16 per cent in 2014‑15. This largely relates to proceeds from the sale of spectrum licences.

Non‑taxation receipts have been revised up from the 2013‑14 MYEFO by $403 million in 2013‑14 and $4.8 billion over the four years to 2016‑17. This primarily reflects higher forecasts of royalties and returns from unclaimed superannuation accounts in 2013‑14 ($455 million) and recognition of State and Territory contributions to the National Disability Insurance Scheme (NDIS) for the first time ($3.1 billion over the four years to 2016‑17).

Table 8: Australian Government general government (cash) receipts
  Actual   Estimates   Projections
  2012‑13
$m
  2013‑14
$m
2014‑15
$m
2015‑16
$m
  2016‑17
$m
2017‑18
$m
Individuals and other withholding taxes                
Gross income tax withholding 149,807   156,700 169,400 181,500   193,400 206,700
Gross other individuals 33,294   34,200 37,100 40,700   44,700 48,800
less: Refunds 26,801   27,100 27,700 28,600   29,800 31,800
Total individuals and other withholding tax 156,300   163,800 178,800 193,600   208,300 223,700
Fringe benefits tax 3,922   4,090 4,360 4,930   5,210 5,100
Company tax 66,911   68,000 71,600 75,400   80,000 84,700
Superannuation fund taxes 7,661   6,530 7,680 10,380   11,280 11,810
Minerals resource rent tax(a) 310   170 0 0   0 0
Petroleum resource rent tax 1,507   1,400 1,950 1,900   1,900 1,900
Income taxation receipts 236,610   243,990 264,390 286,210   306,690 327,210
Goods and services tax 48,596   51,003 53,978 57,290   60,723 64,099
Wine equalisation tax 725   760 780 810   850 880
Luxury car tax 434   430 360 310   330 360
Excise and customs duty                
Petrol 5,990   6,000 5,950 6,150   6,450 6,850
Diesel 8,594   8,990 9,250 9,610   10,020 10,490
Other fuel products 3,466   3,690 3,710 3,510   3,690 3,930
Tobacco 7,660   7,850 8,710 9,640   10,680 10,980
Beer 2,257   2,370 2,400 2,470   2,590 2,730
Spirits 1,931   1,890 1,930 1,980   2,080 2,190
Other alcoholic beverages 944   960 980 1,010   1,060 1,120
Other customs duty                
Textiles, clothing and footwear 676   770 600 430   450 480
Passenger motor vehicles 892   920 820 610   630 660
Other imports 1,499   1,650 1,650 1,680   1,790 1,880
less: Refunds and drawbacks 354   360 360 360   360 360
Total excise and customs duty 33,554   34,730 35,640 36,730   39,080 40,950
Carbon pricing mechanism 3,631   7,180 1,695 0   0 0
Agricultural levies 463   476 469 474   486 496
Other taxes 2,412   3,074 3,059 3,462   3,533 3,567
Indirect taxation receipts 89,815   97,653 95,982 99,076   105,001 110,352
Taxation receipts 326,426   341,643 360,372 385,286   411,691 437,562
Sales of goods and services 9,071   8,764 8,910 9,121   11,279 15,893
Interest received 3,561   3,210 3,657 3,893   3,977 4,088
Dividends 3,420   3,040 4,257 2,461   2,675 3,751
Other non-taxation receipts 8,575   6,840 8,583 9,665   7,227 6,689
Non-taxation receipts 24,627   21,854 25,407 25,141   25,158 30,422
Total receipts 351,052   363,496 385,778 410,427   436,849 467,985
Memorandum:                
Total excise 25,412   25,720 26,370 27,300   28,850 30,270
Total customs duty 8,143   9,010 9,270 9,430   10,230 10,680
Capital gains tax(b) 7,000   7,500 9,000 12,000   14,400 16,700
Medicare and DisabilityCare Australia levy 9,788   10,480 14,160 15,160   15,890 16,650
Temporary Budget Repair Levy(c) -   - 600 780   850 190

(a) Net receipts from MRRT for 2013‑14 and 2014‑15 can be obtained from Table 5 and 6.

(b) CGT is part of other individuals, companies and superannuation fund taxes. The 2012‑13 figure is an estimate.

(c) This represents the net impact of the Temporary Budget Repair Levy on individuals and other withholding taxes. An additional $680 million is expected to be raised over the forward estimates through the temporary increase in the FBT rate that was announced as part of the temporary levy.

Revenue variations since the 2013‑14 MYEFO

The revenue estimates are the accrual accounting equivalent of the cash‑based receipts estimates. Changes in revenue are generally driven by the same factors — policy as well as parameter and other variations — as receipts. The timing of revenue and receipts estimates may vary. Table 9 provides a reconciliation of the Budget's revenue estimates with those at the 2013‑14 MYEFO.

Table 9: Reconciliation of total Australian Government general government revenue estimates from the 2013‑14 MYEFO
  Estimates Projections    
  2013‑14
$m
2014‑15
$m
2015‑16
$m
  2016‑17
$m
  Total
$m
Revenue at 2013‑14 MYEFO 373,922 387,882 417,423   445,032   1,624,259
Changes from 2013‑14 MYEFO to 2014‑15 Budget              
Effect of policy decisions(a) 1 720 2,032   2,762   5,515
Effect of parameter and other variations 343 2,746 157   2,046   5,292
Total variations 344 3,466 2,189   4,808   10,807
Revenue at 2014‑15 Budget 374,267 391,348 419,612   449,840   1,635,067

(a) Excludes secondary impacts on public debt interest of policy decisions and offsets from the Contingency Reserve for decisions taken.

Since the 2013‑14 MYEFO, total revenue has been revised up around $300 million in 2013‑14 and $10.8 billion over the four years to 2016‑17. The factors affecting revisions to tax receipts are also at play with regards to revenue.

The changes to individual revenue head accrual estimates since the 2013‑14 MYEFO are shown in Tables 10 and 11. For the five year accrual table, the accrual equivalent of Table 8, see Budget Statement 9, Note 3.

Revenue and Receipts historical tables that have previously been published in Appendix C of Statement 5 are now available online and can be accessed at www.budget.gov.au.

Table 10: Reconciliation of 2013‑14 general government (accrual) revenue
  Estimates Change on MYEFO
  MYEFO
$m
Budget
$m
  $m %
Individuals and other withholding taxes          
Gross income tax withholding 158,510 158,300   -210 -0.1
Gross other individuals 36,650 37,180   530 1.4
less: Refunds 27,200 27,100   -100 -0.4
Total individuals and other withholding tax 167,960 168,380   420 0.3
Fringe benefits tax 4,140 4,140   0 0.0
Company tax 70,400 69,400   -1,000 -1.4
Superannuation fund taxes 6,990 6,580   -410 -5.9
Minerals resource rent tax(a) 500 170   -330 -66.0
Petroleum resource rent tax 1,900 1,470   -430 -22.6
Income taxation revenue 251,890 250,140   -1,750 -0.7
Goods and services tax 52,680 54,321   1,641 3.1
Wine equalisation tax 750 810   60 8.0
Luxury car tax 400 430   30 7.5
Excise and customs duty          
Petrol 5,740 5,890   150 2.6
Diesel 8,820 8,820   0 0.0
Other fuel products 3,730 3,600   -130 -3.5
Tobacco 8,260 7,770   -490 -5.9
Beer 2,320 2,330   10 0.4
Spirits 1,990 1,890   -100 -5.0
Other alcoholic beverages(b) 970 960   -10 -1.0
Other customs duty          
Textiles, clothing and footwear 750 770   20 2.7
Passenger motor vehicles 930 920   -10 -1.1
Other imports 1,580 1,660   80 5.1
less: Refunds and drawbacks 260 360   100 38.5
Total excise and customs duty 34,830 34,250   -580 -1.7
Carbon pricing mechanism 7,340 7,340   0 0.0
Agricultural levies 459 476   17 3.8
Other taxes 3,086 3,190   104 3.4
Indirect taxation revenue 99,545 100,817   1,272 1.3
Taxation revenue 351,434 350,956   -478 -0.1
Sales of goods and services 8,680 8,853   173 2.0
Interest 3,730 3,445   -286 -7.7
Dividends 3,792 4,288   496 13.1
Other non-taxation revenue 6,286 6,724   438 7.0
Non-taxation revenue 22,488 23,310   822 3.7
Total revenue 373,922 374,267   344 0.1
Memorandum:          
Total excise 25,900 25,230   -670 -2.6
Total customs duty 8,930 9,020   90 1.0
Capital gains tax(c) 7,900 7,500   -400 -5.1
Medicare and DisabilityCare Australia levy(d) 9,950 10,480   530 5.3

(a) Net revenue from the MRRT is expected to be $100 million in 2013‑14 which represents the net revenue impact across different revenue heads. These include offsetting reductions in company tax (through deductibility) and interactions with other taxes. The Government has announced the MRRT will not apply beyond 30 June 2014.

(b) Other alcoholic beverages are those not exceeding 10 per cent by volume of alcohol (excluding beer, brandy and wine).

(c) Capital gains tax is part of gross other individuals, company tax and superannuation fund taxes.

(d) At the 2013‑14 MYEFO, the Medicare and DisabilityCare Australia levy estimates were based on when the liability to the levy is assessed. From the 2014‑15 Budget, estimates are based on when collections relating to the levy are received.

Table 11: Reconciliation of 2014‑15 general government (accrual) revenue
  Estimates Change on MYEFO
  MYEFO
$m
Budget
$m
  $m %
Individuals and other withholding taxes          
Gross income tax withholding 170,210 171,170   960 0.6
Gross other individuals 39,500 40,120   620 1.6
less: Refunds 28,000 27,700   -300 -1.1
Total individuals and other withholding tax 181,710 183,590   1,880 1.0
Fringe benefits tax 4,550 4,440   -110 -2.4
Company tax 72,330 73,230   900 1.2
Superannuation fund taxes 8,930 7,870   -1,060 -11.9
Minerals resource rent tax(a) 300 0   -300 -100.0
Petroleum resource rent tax 2,100 2,060   -40 -1.9
Income taxation revenue 269,920 271,190   1,270 0.5
Goods and services tax 55,710 56,970   1,260 2.3
Wine equalisation tax 790 790   0 0.0
Luxury car tax 380 360   -20 -5.3
Excise and customs duty          
Petrol 5,670 5,970   300 5.3
Diesel 9,205 9,280   75 0.8
Other fuel products 3,590 3,730   140 3.9
Tobacco 9,130 8,730   -400 -4.4
Beer 2,370 2,410   40 1.7
Spirits 2,090 1,930   -160 -7.7
Other alcoholic beverages(b) 990 980   -10 -1.0
Other customs duty          
Textiles, clothing and footwear 600 600   0 0.0
Passenger motor vehicles 920 820   -100 -10.9
Other imports 1,600 1,650   50 3.1
less: Refunds and drawbacks 260 360   100 38.5
Total excise and customs duty 35,905 35,740   -165 -0.5
Carbon pricing mechanism 0 0   0 0.0
Agricultural levies 470 469   -1 -0.1
Other taxes 3,182 3,295   114 3.6
Indirect taxation revenue 96,437 97,624   1,188 1.2
Taxation revenue 366,356 368,814   2,458 0.7
Sales of goods and services 8,496 8,928   432 5.1
Interest 4,060 4,229   169 4.2
Dividends 2,448 2,570   122 5.0
Other non-taxation revenue 6,522 6,807   285 4.4
Non-taxation revenue 21,525 22,534   1,008 4.7
Total revenue 387,882 391,348   3,466 0.9
Memorandum:          
Total excise 26,725 26,470   -255 -1.0
Total customs duty 9,180 9,270   90 1.0
Capital gains tax(c) 10,700 9,000   -1,700 -15.9
Medicare and DisabilityCare Australia levy(d) 10,380 14,160   3,780 36.4
Temporary Budget Repair Levy(e) - 600   - -

(a) Net revenue from the MRRT is expected to be zero in 2014‑15 which represents the net revenue impact across different revenue heads. These include offsetting reductions in company tax (through deductibility) and interactions with other taxes.

(b) Other alcoholic beverages are those not exceeding 10 per cent by volume of alcohol (excluding beer, brandy and wine).

(c) Capital gains tax is part of gross other individuals, company tax and superannuation fund taxes.

(d) At the 2013‑14 MYEFO, the Medicare and DisabilityCare Australia levy estimates were based on when the liability to the levy is assessed. From the 2014‑15 Budget, estimates are based on when collections relating to the levy are received.

(e) This represents the net impact of the Temporary Budget Repair Levy on individuals and other withholding taxes. An additional $680 million is expected to be raised over the forward estimates through the temporary increase in the FBT rate that was announced as part of the temporary levy.