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 | 80,785 | 65,321 | 93,518 | |||
Personal benefits | 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 | 352,180 | 328,248 | 321,289 | |||
Indirect tax | 100,984 | 90,076 | 87,330 | |||
Other taxes | 3,501 | 2,937 | 2,783 | |||
Non-taxation | 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. |
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