5206.0 - Australian National Accounts: National Income, Expenditure and Product, Dec 2015 Quality Declaration
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 02/03/2016
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DECEMBER KEY POINTS
REVISIONS IN THIS ISSUE
There are revisions in this issue due to the incorporation of more up-to-date data and concurrent seasonal adjustment.
CHANGES IN THIS ISSUE
In recent quarters a number of privatisations of government businesses occurred. Where these privatisations were considered a sale of equity, the consequent stamp duties collected is not considered a tax on production because the transactions are considered to be financial and not capital. Therefore stamp duties should not appear in either the Income or Expenditure approaches to GDP.
This rationale is based on the ASNA 2014, p341, "Other current taxes on income, wealth etc., consists mainly of payments by households to obtain licences to own or use vehicles, boats or aircraft, and for licences to hunt, shoot or fish". However, these are no longer the only Other current taxes received by General government. The General government can receive these taxes from non-household sectors. For example, 2008 SNA lists the following as examples of Other current taxes; Current taxes on land and buildings (excluding those used in production), Current taxes on net wealth, Current taxes on other assets, Poll taxes, Expenditure taxes, Payments by households to obtain certain licences, and Taxes on international transactions (2008 SNA, p166).
This will cause a change in compilation, as the General Government Income Account will no longer equal the Household Income Account for Other current taxes on income, wealth, etc. The General Government Income Account, Seasonally Adjusted, Taxes - Taxes on financial and capital transactions and State and Local General Government Income Account, Seasonally Adjusted and Original, are the Tables affected. The following series ids for General government Secondary income receivable - Other current taxes on income, wealth, etc are affected:
For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or National Accounts by email <email@example.com>.
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