Assessable income falls

Press, 25 July 1984, Page 28

Assessable income falls

Estimated total assessable company income dropped 1.5 per cent between 1981-82 and 1982-83, according to provisional figures from the Statistics Department. Income in the year to March 31, 1983, is estimated at $2213.6 million, still well ahead of the total in the 1980-81 year ($1865.4 million). Provisional figures on the tax assessed on total income are $870.7 million in 1982-83, and $880.7 million in 1981-82. Mining and quarrying recorded the largest rise among industry divisions in the provisional figures. In the 1982-83 year, assessable income in this sector was $111.9 million, 37.4 per cent up on the previous year.

Tax assessed on mining and quarrying income rose 45 per cent to $49.8 million. Tax assessed on income in the finance, insurance, real estate and business services sector rose 14 per cent to $228.8 million on income up 4.1 per cent to $607.8 million. Income in the wholesale and retail trade, restaurant and hotel sector slumped 23.2 per cent to $448.1 million in 1982-83. Tax assessed in that sector fell 24.5 per cent to $l9O million in that year. Manufacturing income slipped 1.5 per cent to $843.1 million in 1982-83. The department says its estimates are based on a probability sample of just under 5000 income tax returns.