Analysis of Debt

Analysis of debt

Tax base Total debt 30/6/14
$
< 30 day
$
30-90 day
$
> 90 day
$
Provision for doubtful debt
$
Total debt 30/6/13
$
Duties debt
Land transfer/mortgage 7,331,782 1,394,802 1,011,627 4,124,555 6,563,131 8,899,703
Insurance 51 0 0 51 837,959 110,357
Hire of goods 193 0 0 193 0 193
Registered used vehicle duty 0 0 0 0 0 0
Motor vehicle duty 226,590 159,203 67,387 800,798 637,057 1,209,201
Total duties 7,558,616 1,554,005 1,079,014 4,925,597 8,038,147 10,219,454
Other taxes
Payroll tax 35,889,852 5,880,215 7,264,469 22,745,168 40,311,878 30,487,198
Land tax 142,796,710 104,308,903 4,141,838 34,345,969 0 162,966,127
Congestion levy 443,398 4,650 0 438,748 2,400 387,149
Cattle and swine duty 14,163 4,137 1,856 8,170 0 12,872
Total other taxes 179,144,123 110,197,905 11,408,163 57,538,055 40,314,278 193,853,346
All taxes 186,702,739 111,751,910 12,487,177 62,463,652 48,352,425 204,072,800

 

Summary of written-off debt

Written-off debt $
Hire of goods 0
Congestion levy 80
Motor vehicle duty 309,188
Land transfer/mortgage 4,828,923
Payroll tax 23,412,648
Land Tax 169,709
Insurance 0
Sheep and goat 0
Cattle and swine 0
Sundry debts 0
Total written-off debt 28,720,548

 

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.