Budget 2012-2013 Budget Paper No.3 The Budget
Tabled paper 1785
Tabled Papers for 11th Assembly 2008 - 2012; Tabled Papers; ParliamentNT
Tabled By Delia Lawrie
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282 Revenue The $11.2million increase in collections expected in 2012-13 is the result of forecast employment and wages growth in the Territory. Stamp duty collections are the second largest contributor to taxation revenue and consist of stamp duty derived from property conveyances, insurance premiums, motor vehicle registration transfers and other minor duties. Stamp duty collections are forecast to increase by $10.6million in 2012-13, reflecting a projected increase in conveyance stamp duty collections due to an expected moderate level of recovery in property market transaction volumes. Gambling taxes mainly comprise lotteries tax, bookmakers tax, casino tax, community gaming machine tax and wagering tax. The anticipated increase of $1.2million in 2012-13 reflects bookmakers tax, lotteries tax and wagering tax increasing by long-term growth rates and casino and community gaming machine taxes experiencing moderate growth in 2013 as activity levels in venues continue to adjust to smoking reforms. Tax equivalents regime collections result from a national agreement that requires government businesses to pay the equivalent of income tax and local government rates on the same basis as private sector entities. Thetax equivalents regime ensures public sector entities that operate with a commercial focus do not have a competitive advantage over their private sector counterparts. The Budget for 2012-13 is estimated to be higher by $3.2million, reflecting variations in estimated profitability levels by Territory businesses and corporations.