Lumpy tax take pushes govt accounts into red in first quarter

Lumpy tax take pushes govt accounts into red in first quarter
Paul McBeth
A lumpy tax take pushed the government's accounts into the red in the September quarter as the Inland Revenue Department's new systems meant some revenue was recognised earlier than anticipated. The operating balance before gains and losses (obegal) was a deficit of $593 million in the three months ended Sept. 30, compared to a deficit of $343 million a year earlier. Treasury had forecast an obegal surplus of $1 billion. However, the tax take of $20.35 billion was almost $1.5 billion below expectations, due in part to IRD's new information...

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