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Personal tax:
- For 2009-10, 12.4 million individuals lodged income tax returns, and a record 2.35 million individuals lodged using e-tax.
- Total income for individuals rose by 3.7% to $606 billion; whilst total deductions claimed fell to just under $30 billion, 6.1% less than 2008-09. Work-related expenses accounted for more than half of these deductions, with 66% of individuals claiming this form of deduction.
- Gross rental income increased by $2 billion to $28 billion, leading to a reduction in rental losses (negative net rental income) of 26.3% to $4.8 billion.
- The number of individuals reporting a net capital gain increased by 4.5% to 541,898, whilst their subsequent amount of net capital gain increased by $0.6 billion to $11.0 billion.
- Higher education loan program (HELP) debt increased by $2 billion to a total of $19.9 billion.
- Individuals were liable for $120 billion in net tax, 4% more than in 2008-09.
Company tax
- Total company income was $2,212 billion, a decrease of 2.6% compared to 2008-09. Whilst total company expenses also declined, down 5.4% to $2,027 billion.
- The mining industry experienced the highest drop in income, down $50 billion (26%) to $140 billion. However, their total expenses also reduced, down $38 billion to $107 billion.
- For the financial and insurance services industry, total income remained essentially the same ($512 billion) while their total expenses fell by $39 billion to $454 billion.
- Companies were liable for $50.4 billion in net tax, a decrease of 10.6% on 2008-09. The mining industry had a 49.3% fall in net tax.
Superannuation
- Lodgment of self managed super fund (SMSF) returns continued to increase, up 5.0% to 373,195, whilst lodgments for all other fund types in total continues to fall, down 8.9% to 4,498.
- Total income for SMSFs decreased by 18% to $26.2 billion, whilst for all other funds increased by 3.5% to $85.9 billion.
- Total fund deductions were $35.5 billion, 19.3% less than in 2008-09, leading to a 26.7% increase (to a total of $7.2 billion) in the total amount of net tax funds were liable.
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