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Quick facts from tax stats 2012-13

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Every year the Australian Tax Office publishes data from income tax returns and other aspects of the taxation system. Data for 2012-13 have recently been released in the latest edition of Taxation statistics .

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Quick facts from tax stats 2012-13

  1. 1. Quick facts from Tax stats May 2015
  2. 2. Every year theAustralian Tax Office publishes data from income tax returns and other aspects of the taxation system. Data for 2012-13 has recently been released in the latest edition of Taxation statistics The charts in these slides highlight some of the tax data that is available in this electronic resource. 1 www.ato.gov.au/About-ATO/Research-and-statistics Taxation statistics
  3. 3. How much did individuals in each income tax bracket pay in tax? 2 One third of personal income tax was paid by individuals with taxable income below $80,000, while two thirds was paid by those with taxable income above $80,000 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% $18,200 or less $18,201 to $37,000 $37,001 to $80,000 $80,001 to $180,000 Over $180,000 Per centPer cent Taxable income Share of individuals lodging a tax return Share of net income tax
  4. 4. What were the sources of income for superannuation funds? 3 Around 60 per cent of superannuation income was from employer and employee contributions (the blue areas) and 40 per cent was from investment earnings (the red areas) Net capital gains 1.4% Rent 3.2% Gross interest 6.5% Net foreign income 6.7% Dividends 10.9% Trust income 10.4% Salary sacrifice 7.3% Employer contributions (excl. salary sacrifice) 49.6% Assessable personal contributions 3.7% Other 0.3%
  5. 5. How much company income tax is paid by companies of different sizes? Around 60 per cent of company income tax was paid by companies with income of $250 million or more 4 Less than $2m 709,185 companies 11.3% of tax $2m to $10m 54,860 companies 9.9% of tax $10m to $100m 14,510 companies 12.1% of tax $100m to $250m 1,130 companies 4.4% of tax $250m or more 1,040 companies 60% of tax Other 71,135 companies 0.3% of tax
  6. 6. Who claimed franking credits? 5 Australian companies issued franking credits of $43.5 billion, which were generally received (sometimes via a trust) by other companies, superannuation funds, individuals and foreigners Franking credits are credits that Australian shareholders can apply against their tax liability for the tax paid by a company Companies $43.5 billion Franking credits issued Trusts $10b SMSFs $2.7b APRA funds $3.6b Overseas & other $15.6b Individuals $13.2b
  7. 7. Notes Source: Australian Taxation Office, Taxation Statistics 2012-13. Data is based on tax returns processed by 31 October 2014. Slide 3. Investment earnings excludes exempt current pension income. Slide 4. Total income is used as a measure of company size. Non-resident companies are not shown in the pie chart but are included in the percentage calculations. 'Other' includes companies classified as a co-operative, registered organisation, non-profit, strata title, pooled development fund, limited partnership, corporate unit trust or a public trading unit trust. Slide 5. ‘Overseas and other’ is a residual amount, of which the majority will be payments to foreigners who cannot utilise the credits to offset Australian company tax paid. In addition, some companies report on alternative income years (e.g. calendar year), so some franking credits may appear in the previous or following income year of the recipient. ‘Trusts’ includes around $0.1 billion paid to partnerships. Franking credits paid by trusts and partnerships to other trusts and partnerships have been netted out. For franking credits paid to SMSFs, the split of the total ($2.7 billion) between direct payment from companies and indirect payment through trusts has been imputed from historical data. The $8.9 billion claimed by Australian companies includes $2.4 billion from ‘Trusts’ distributions.

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