Taxation revenue is revenue received from the State’s taxpayers and includes payroll tax, land tax, duties levied principally on conveyances and land transfers, gambling taxes, insurance duty, fire services property levy, motor vehicle taxes and other taxes including congestion levy, metropolitan improvement levy and so on.
The State’s taxation revenue is forecast by a process that involves application of DTF’s economic forecasts, where there is a relationship between taxation revenue and economic variables; and use of forward indicators, unpublished revenue data and qualitative information from liaison with relevant stakeholders.
This enables an assessment of economic and other factors influencing the tax bases from which taxes are sourced e.g. for payroll tax, an assessment of the outlook for employment.
Where necessary, adjustment factors are used to account for other trends or events not captured by the model, such as impact of economic shocks or policy stimulus.