*Commissioner of Taxation’s 2011-12 Annual Report released – showing a 10.3% increase in revenues (despite Government spending to a huge deficit) (61)

The Commissioner of Taxation’s 2011-12 Annual Report, for the financial year ended 30 June 2012, reported $301bn in net tax collected (up from $273bn in 2010-11) – featuring $148.4bn from individuals, $66.6bn from company income tax, $46.2bn from GST, followed by $25.5bn from excise and $14.3bn from other tax collections. Net tax collections of $301bn, were $28bn, or 10.3% higher than 2010-11. However, this was 3.4% below the 2011-12 Budget forecast.

[LTN 210, 30/10]