Australia - Taxation Revenue 2019-2020
The ABS has released a summary of Australia’s taxation revenue for the 2019-20 Financial Year.
Key statistics
- Total taxation revenue for the year was $552.0 billion.
- Total taxation revenue decrease from previous financial year equals $8.0 billion (1.4% decrease).
- Total taxation revenue as a percentage of GDP is equal to 27.8%.
Key contributors the fall in revenue
- Company income tax was down $7.1 billion (-7.5%) because of COVID and the huge impact it had on tourism, hospitality, insurance, etc.
- Income tax paid by superannuation funds was down $4.3 billion due to weakness in financial markets.
- GST was down $1.1 billion due to reduced consumer spending at places such as restaurants, clothing stores, take-away, and more.
- Personal income tax was down $0.3 billion reflecting a fall in hours worked across the economy and lower capital gains.
- Payroll taxes across state and local governments were down $0.9 billion. This was largely caused by various tax relief and payroll refund policies.
- Gambling taxes were also down $0.9 billion, as many pubs and casinos were shut down or had reduced capacity.
For more information or assistance please contact Infinite Accounting Solutions on 02 9899 4730 or via the contact page at www.ias-ca.com.au
Source: Australian Bureau of Statistics