Territory Stories

Budget 2011-12 Budget Paper No.3 The Budget

Details:

Title

Budget 2011-12 Budget Paper No.3 The Budget

Other title

Tabled paper 1279

Collection

Tabled Papers for 11th Assembly 2008 - 2012; Tabled Papers; ParliamentNT

Date

2011-05-03

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/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/277286

Citation address

https://hdl.handle.net/10070/424039

Page content

284 Revenue Payroll tax is the most significant component in the taxation revenue category. The forecast for 201112 comprises: $159.8 million from private sector businesses and the public financial and nonfinancial corporation sectors; and $77.2 million from general government agencies and business divisions. The $2.4million decrease in collections expected in 201112 is the result of forecast employment and wages growth in the Territory economy offset by the payroll tax savings arising from the payroll tax reforms described above. Stamp duty collections are another large 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 $2.8million in 201112, reflecting a combination of a slight increase in conveyance stamp duty collections due to additional revenue from the higher maximum stamp duty rate. Gambling taxes mainly comprise lotteries tax, bookmakers tax, casino tax, community gaming machine tax and wagering tax. The anticipated increase of $1.2million in 201112 reflects the increase in the bookmakers tax threshold; lotteries tax and wagering tax increasing by longterm growth rates of 2.5percent; and casino and community gaming machine taxes experiencing moderate growth in 2012 as activity levels in venues 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 201112 is estimated to be lower by $1.3million, reflecting variations in estimated profitability levels by Territory corporations.