Territory Stories

Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

Details:

Title

Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

Other title

Tabled paper 1293

Collection

Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT

Date

2008-05-06

Description

Tabled By Delia Lawrie

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/283912

Citation address

https://hdl.handle.net/10070/410393

Page content

61 Chart 6.1 shows the Territorys major own-source revenues in 2008-09 according to the classification used in the Uniform Presentation Framework, adopted for the Territorys reporting requirements. Note: Excludes payroll tax collected from general government entities. Source: Northern Territory Treasury The projected revenue for 2008-09 from main own-source revenue totals $488 million. As indicated in Chart 6.1, taxes on employers (payroll tax) comprise $146.6 million, or 30 per cent, and taxes on property (stamp duties on financial and capital transactions) are estimated at $108.5 million, or 22.2 per cent in 2008-09. Payroll Tax Revenue from payroll tax is forecast to be $146.6 million in 2008-09 and continues to be the Territorys single most significant own-source tax revenue. The payroll tax rate in the Northern Territory has reduced from 6.5 per cent in 2001 to 5.9 per cent and the general exemption threshold has increased from $600 000 in 2004 to $1.25 million. The rate reduction from 6.2 per cent to 5.9 per cent in 2008-09 is a saving to business of $7.2 million. In all states and territories, the threshold is reduced if an employer pays wages in more than one state or territory. For example: if an employer pays wages in the Northern Territory and elsewhere in Australia, the threshold is reduced to reflect the level of wages paid outside the Territory. Therefore, if an employer pays 50 per cent of its wages in the Territory and 50 per cent interstate, the general exemption threshold is reduced by 50 per cent to $625 000; or if an employer only employs for part of a financial year, the threshold is reduced to reflect the period that the employer paid wages during the year. Therefore, if an employer only pays wages for six months of the year, the general exemption threshold is reduced to $625 000. Table 6.3 shows that the Northern Territorys payroll tax exemption threshold is the equal highest in Australia and that its payroll tax rate will be the fourth highest, from 1 July 2008. Analysis of Territory Revenue Chart 6.1: 200809 Main OwnSource Revenue Categories Taxes on Gambling $76.5M Motor Vehicles Taxes $42.9M Taxes on Insurance $25.5M Taxes on Employers $146.6M Taxes on Property $108.5M Mining Royalties $88.0M


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.