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Administered Schedule of Comprehensive Income

or the year ended 30 June 2021

2021

2020

Original budget

Note

$'m

$'m

$'m

NET COST OF SERVICES

Expenses

Subsidies

13A

80,785

65,321

93,518

Personal benefits

13B

1,008

1,075

1,095

Impairment of receivables1

7,960

6,868

5,175

Penalty and interest charge remission expenses

1,228

1,282

1,480

Interest on overpayments

55

120

80

Superannuation guarantee charge

879

746

428

Unclaimed superannuation monies interest

26

(31)

24

Other expenses

-

3

8

Total expenses

91,941

75,384

101,808

Revenue

Income tax

14A

352,180

328,248

321,289

Indirect tax

14B

100,984

90,076

87,330

Other taxes

14C

3,501

2,937

2,783

Non-taxation

14D

1,135

1,182

641

Total revenue

457,800

422,443

412,044

Net contribution by services

365,859

347,059

310,236

Surplus on continuing operations

365,859

347,059

310,236

Total comprehensive income

365,859

347,059

310,236

1 Includes write-offs of $2,568 million (2020: $2,118 million) less re-raises of $291 million (2020: $598 million) and the movement in the impairment provision of $5,683 million (2020: $5,348 million).

The above schedule should be read in conjunction with the accompanying notes.

Budget variances commentary: Schedule of comprehensive income

Affected line items

Explanation of major variances

Subsidies

The actuals are lower than budget primarily due to lower demand than expected for JobKeeper payments. This largely reflects better than expected economic conditions in 2020-21.

Personal Benefits

The actuals are lower than budget due to lower than expected eligible recipients of the low income superannuation tax offset.

Impairment of receivables

The actuals are higher than budget due to significant growth in aged debt for small business reflecting the impacts of COVID-19. This is partially offset by lower than expected write off activity.

Penalty and interest charge remission expense

The actuals are lower than budget primarily due to lower-than-expected penalty and interest remissions for individuals. Given the impact of COVID-19 on taxpayers, the ATO has generally imposed a lower amount of penalties and interest than in prior years leading to less being remitted.

Interest on overpayments

The actuals are lower than budget due to historically low interest rates, improved work practices and further improvements to automation reducing the amount of days interest was payable to clients.

Superannuation guarantee charge

The actuals are higher than budget due to strength in superannuation guarantee charge revenue as a result of the superannuation guarantee amnesty and revenue raised from higher than expected actioning of additional employee notification cases.

Income tax

The actuals are higher than budget primarily due to a stronger-than-expected recovery in economic conditions. Strength in company tax revenue reflects the faster-than-expected economic recovery and higher commodity prices which has flowed onto profits. Strength in individuals revenue was driven by stronger-than-expected labour market conditions, strong capital gains and lower rental deductions as a result of historically low interest rates.

Indirect tax

The actuals are higher than budget due to a stronger than expected recovery in economic conditions, particularly in consumption subject to goods and services tax and dwelling investment growth.

Other taxes

The actuals are higher than budget primarily due to strength in superannuation guarantee charge revenue as a result of the superannuation guarantee amnesty and higher than expected actioning of employee notification cases.

Non-taxation

The actuals are higher than budget due to higher than expected unclaimed superannuation monies (USM). This is primarily due to higher inflows of the stock of in-active low balances in 2020-21 and higher than expected trustee voluntary payments (TVP) and eligible rollover funds (ERF) closure payments. Inflows from the accounts of former temporary residents (FTR) have also continued to be higher than recent years.