29 Oct 09 ATO Annual Report highlights effects of GFC on Government revenue
In a media release issued on 28 October 2009, the Assistant Treasurer, Senator Nick Sherry announced that the ATO has reported a $20 billion fall in revenue collections for the 2008-09 financial year due to the global recession. The ATO's Annual Report for 2008-09 shows total cash receipts collected were $264.5 billion during 2008-09 – 7% below the 2008 Budget forecast.
The ATO Annual Report states that company tax collections came in 15.8% below Budget forecasts and responsible for half the Budget forecast shortfall. GST collections were 9.1% below Budget forecasts.
The main revenue collections for 2008-09 were:
- $116 billion PAYG from individual taxpayers
- $60.4 billion in company tax
- $41.2 billion from the GST
- $24.4 billion in excise.
For a copy of the Minister's media release, No 2009/083, 28 October 2009, go here
For a copy of the ATO Annual Report 2008-09, go here