The ATO on Tue 30.4.2013, released Taxation Statistics 2010-11 which features data compiled from tax returns from the 2010-11 income year and other financial information provided in activity statements and other FBT, GST, and excise forms for the 2011-12 financial year. Highlights from the statistics for the 2010-11 year included:
- Personal Tax: 12.6m individuals lodged income tax returns, an increase of 258,000 from 2009-10. Tax agents submitted 71% (9m) of the tax returns and 20% (2.5m) were submitted using e-tax. Individuals declared total income of $662bn an increase of 9.3% over 2010-11 and a cumulative net tax payable of id=”mce_marker”33.1bn.
- Company tax: 788,983 companies lodged returns, a 1.2% increase from 2009-10. Total company expenses were $2,201bn, a 7.1% increase and companies reported total income of $2,440bn, a 8.2% increase from 2009-10. Companies were liable for $61.9bn in net tax, a 15.9% increase from 2009-10.
- Superannuation: 395,262 funds lodged returns, an increase of 4.7% from 2009-10. Total fund deductions were $45bn, a 26.8% increase from 2009-10. In total, funds were liable for $6.5bn in net tax, a 10% increase from 2009-10.
- CGT: net capital gains were reported by 557,016 individuals, 15,037 companies and 60,739 funds totalling $22.3bn, a 9.9% increase from 2009-10. Approximately 59.3% of capital gains came from share transactions.
- Cost of tax compliance: the average time taken to complete a business income tax return was 5.7 hours. The average time taken to complete a BAS was 2 hours. It took an average of 11.5 hours to compete a FBT return and the average cost of managing tax affairs claimed by an individual was $358. The cost of managing tax affairs increased by 0.6% from 2009-10 to 2010-11.
- GST: for 2011-12 the total net GST liabilities (including customs collections) were $46.8bn, an increase of 1.7% from 2010-11. The wholesale industry was the highest contributor to GST liabilities with id=”mce_marker”3.1bn (28.1% of total net GST liabilities). WET liabilities were $729m, a decrease of 1.5%, and luxury car tax liabilities were $441m a decrease of 7.9% from 2010-11.
[LTN 80, 30/4/13]