ANALYSIS OF DEBT

Analysis of debt 2016-17

Tax base $ Total debt 30/6/17 $< 30 Day $30-90 day $> 90 day $ Provision for doubtful debt $ Total debt 30/6/16
Duties debt
Land transfer/mortgage 14,492,157 3,813,004 1,283,364 9,395,789 4,669,482 10,943,904
Insurance 51 0 0 51 10,966 51
Hire of goods 193 0 0 193 0 193
Registered used vehicle duty 0 0 0 0 0 0
Motor vehicle duty 880,717 86,439 174,268 620,010 355,899 832,069
Total duties 15,373,118 3,899,443 1,457,632 10,016,043 5,036,347 11,776,217
Other taxes
Payroll tax 44,718,906 7,684,881 10,766,540 26,267,485 57,469,271 37,843,204
Land tax 243,769,540 205,363,611 4,512,309 33,893,620 0 146,543,455
Financial institutions duty 0 0 0 0 0 0
Congestion levy 3,417,389 1,122,989 37,149 2,257,251 15,160 1,667,026
Cattle and swine duty 39,151 1,762 4,095 33,294 33,143 54,324
Total other taxes 291,944,986 214,173,243 15,320,093 62,451,650 57,517,574 186,108,009
All taxes 307,318,104 218,072,686 16,777,725 72,467,693 62,553,921 197,884,226

Summary of written off debt 2016-17

  $
Hire of goods 0
Congestion levy 1,140
Motor vehicle duty 653,615
Land transfer/mortgage 20,551,109
Payroll tax 30,051,883
Land tax 616,955
Insurance 764,482
Sheep and goat 334
Cattle and swine 0
Sundry debts 0
Total debt written off 56,639,518

Notes (all figures are taken as at 30 June 2017)

  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 $22,285,671
  3. Disputed debt was $99,477,658 and is not shown in the total debt.
  4. Insolvency debt was $65.7 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 $34,255,478
  7. Debts are only written off when all reasonable recovery steps have been exhausted.