Analysis of Debt

Analysis of debt

Tax base Total debt 30/6/15
$
< 30 day
$
30-90 day
$
> 90 day
$
Provision for doubtful debt
$
Total debt 30/6/14
$
Duties debt
Land transfer/mortgage 7,036,361 1,248,124 470,473 5,317,764 8,761,169 7,331,782
Insurance 1,624 0 0 1,624 775,448 51
Hire of goods 193 0 0 193 0 193
Registered used vehicle duty 0 0 0 0 0 0
Motor vehicle duty 1,319,643 80,955 55,054 1,183634 807,895 226,590
Total duties 8,357,821 1,329,079 525,527 6,503,215 10,344,512 7,558,616
Other taxes
Payroll tax 32,406,835 3,676,689 8,618,916 20,111,230 47,675,971 35,889,852
Land tax 162,994,169 123,792,826 2,595,161 36,606,182 0 142,796,710
Congestion levy 802,072 89,780 54,720 657,572 2,400 443,398
Cattle and swine duty 20,425 2,894 4,748 12,783 0 14,163
Total other taxes 196,223,501 127,562,189 11,273,545 57,387,767 47,678,371 179,144,123
All taxes 204,581,322 128,891,268 11,799,072 63,890,982 58,022,883 186,702,739

Summary of written-off debt

Written-off debt $
Hire of goods 0
Congestion levy 2,400
Motor vehicle duty 50,365
Land transfer/mortgage 123,774
Payroll tax 14,972,910
Land Tax 1,056,883
Insurance 0
Sheep and goat 140
Cattle and swine 0
Sundry debts 0
Total written-off debt 16,206,472

 

Notes (all figures are taken as at 30 June 2014)

  1. These figures are reported in accordance with the debt reporting policy that forms the basis of the SRO’s debt management program. The policy’s critical elements are:
    • assessed tax is reported as debt once the due date for payment has passed, and
    • the reported debt comprises primary tax only.
  2. Debt under instalment payment arrangements was $17,316,690.
  3. Disputed debt was $101,303,096 and is not shown in the total debt.
  4. Insolvency debt was $54.8 million. This debt is comprised of debtors under the control of an insolvency practitioner with SRO recoveries limited to any dividends paid. Insolvency debt is not included in the debt total.
  5. There was no deferred debt.
  6. Outstanding penalty, interest and additional tax charges totalled $35,598,512.
  7. Debts are only written off when all reasonable recovery steps have been exhausted.