Accounting Edge

Tax Commissioner’s Annual Report Released

The Commissioner of Taxation Annual Report 2013-14 has been released. For the year:  $163.6bn net was collected from individuals; $67.3bn net was collected from companies; $51.4bn in net GST was collected; refunds totalled $97.5bn; an estimated $11.2bn in cash was collected from compliance activities; there were 16.5m tax return lodgements.  Interestingly, the report said there were 2.7m small businesses, 750,000 trusts, 12.3m individuals, 846,500 employers, 534,000 SMSFs and 1,250 large domestic and international businesses.