Federal Budget 2016-17 Tax Changes (AKA Tax White Paper)

Tax revenues are forecast to increase from 23.5% of GDP in 2015-16 to 25.1% of GDP by 2019-20. Expenditures are expected to fall from 25.8% to 25.2% of GDP over the same period. Over the four year period the government's nominal tax receipts are forecast to increase by 30%. Tax receipts will amount to $500 billion by 2019-20. Whilst much of the increase is predicated on growth new tax measures will also need to contribute, and in a big way. The government plans to collect an additional $28 billion each year!