Quarterly payments of R&D tax incentive offset for companies turning over les than $20m from 1 Jan 20114 – draft legislation released [3]

The Government on Fri 12.4.2013, released for comment draft legislation for the new quarterly credits payment option for the R&D Tax Incentive refundable tax offset. The new feature of the R&D Tax Incentive would allow eligible small and medium companies to access their R&D refund on a quarterly instalment basis. Quarterly credits will mean that,…

Legislative Instruments (Sunsetting) Act 2012 spauns regulation repealing 1005 spent and redundant regulations [2]

The Attorney-General’s (Spent and Redundant Instruments) Repeal Regulation 2013 was registered on the Federal Register of Legislative Instruments on Mon 8.4.2013. The repeal instrument follows on from amendments made by the Legislative Instruments Amendment (Sunsetting Measures) Act 2012 (which received Royal Assent on 22 September 2012). The Regulation repeals 1,005 spent and redundant instruments (including income tax…

ABS stats show tax revenue up 13.9% in Dec 2012 quarter [94]

The Australian Bureau of Statistics on Tue 5.3.2013, released the Government Finance Statistics (GFS) for the December Quarter 2012. They show that, for the 3 months ended 31 December 2012, taxation revenue increased by 13.9% from $92.6bn to id=”mce_marker”05.5bn. During the same period, general government sector expenditure exceeded revenue, resulting in a GFS net operating balance of -2.9bn. The…

Big Data Strategy Issues Paper issued by Government for consultation [97]

The Department of Finance and Deregulation, through the Australian Government Information Management Office, has released a draft version of its Big Data Strategy Issues Paper for public consultation. The aim of the strategy is to “highlight key opportunities and challenges that big data will bring to government agencies” and “to assist agencies to take advantage…