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 |
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)
- 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.
- Debt under instalment payment arrangements was $17,316,690.
- Disputed debt was $101,303,096 and is not shown in the total debt.
- 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.
- There was no deferred debt.
- Outstanding penalty, interest and additional tax charges totalled $35,598,512.
- Debts are only written off when all reasonable recovery steps have been exhausted.