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Budget 2024 | The Government has confirmed changes and provided more information on FamilyBoost. Find out more: FamilyBoost

Budget 2024 | The Government has confirmed changes to personal income tax, the independent earner tax credit, in-work tax credit, and the minimum family tax credit. Find out more: Personal income tax threshold changes

In the year to March 2023, net IRD GST totalled $24,871 million up 0.8% on last year. In the year to March 2022, net IRD GST grew by 4.1%.

The graph above has 5 lines showing the net GST Inland Revenue collected by turnover band, from the year ended 31 March 2001 to the year ended 31 March 2023. The lines show the number of GST filers with no turnover, turnover between $1 and $60,000, turnover between $60,001 and $250,000, turnover between $250,001 and $1 million and turnover over $1 million. The vertical axis shows the amount of Inland Revenue GST revenue collected in dollars millions. The horizontal axis shows the March years between 2001 and 2023. Since 2001, the strongest growth in net IRD GST has occurred in taxpayers with turnover greater than $1 million, which has growth from $4,148 million in 2001 to $21,670 million in 2023. Net IRD GST has also increased for taxpayers with turnover greater than $1 but at a slower rate. Net IRD GST collected from taxpayers with no turnover has decreased from -$368 million to -$1,054 million. 

The graph above shows net GST Inland Revenue collected by turnover band, from the year ended 31 March 2001 to the year ended 31 March 2023.

Most growth in net Inland Revenue GST from 2001 to 2023 has been in customers with GST turnover exceeding $1 million. Net Inland Revenue GST in this band grew by 0.7% for the year to 31 March 2023 (5% in the previous year) and is 422% higher than the year to 31 March 2001. The growth in GST collected from taxpayers with turnover of more than $1 million was higher than the growth in the number of customers in this band (up 165%), indicating that the growth is driven by both an increase in the number of taxpayers and increasing sales, as well as the GST rate increase from October 2011.

GST revenue from customers with GST turnover between $60,001 and $250,000 and $250,001 and $1 million has been increasing at a slower rate than customers with GST turnover over $1 million. Since 2001, GST revenue collected from customers with turnover between $60,001 and $250,000 has increased by 104% and by 146% from customers with GST turnover between $250,001 and $1 million.

In the turnover bands of $60,000 and below, Inland Revenue delivers a net GST refund overall. The net refund has increased from $463 million in 2001 to $1,473 million in 2023.

Last updated: 13 Sep 2023
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