£15,000,000 A YEAR.

Auckland Star, Volume LV, Issue 308, 29 December 1924, Page 5

£15,000,000 A YEAR.

VICTORIAN BOOKIES' TAKINGS NEW TAXATION PASSED. DEFICIT OF £100,000. MELBOURNE, December 20. After a continuous sitting of nearly fifty hours in the Legislative Assembly, the Allan Government reached the haven of customary mid-summer recess to-day. The Assembly had met at 11 a.m., Thursday, and, with tho usual meal adjournments, sat continuously until 6 a.m. to-day and met again from 10.25 till 12.30. " This breaks all previous records for lengthy sittings in the Victorian Parliament. In the early hours the Government's proposals for the imposition of a super betting tax was brought on by the Trei.rurer amidst a storm of dissent from the Opposition. The bill proposed to impose a super-tax of one per cent upon the turnover of all bookmakers, who would be required to furnish monthly statements. The Treasurer explained that .162 bookmakers in Victoria had a turnover of £15,000,000 per year. Later the Treasurer introduced fresh income tax proposals to meet amendments to the original measure insisted upon by the Legislative Council. Under tbese new proposals, no alteration was sought in the existing taxation upon incomes up to £800 per year, but increases were provided for incomes o%er £800 per year. Sir Alexander Peacock explained that although the Government could not accept amendments passed by the Legislative Council, it was prepared to drop the bill already passed by the Assembly and introduce a fresh bill on the lines of some of the amendments. Under the new proposals, the income tax to be collected would be £147,000 less than that anticipated under the Government's original proposals. To this had to be added a loss of £53,000 through the rejection of betting tax and stamp tax, which would mean that, instead of the anticipated surplus of £89,000 for the present financial year, the Treasurer would now have to face an anticipated deficit of over £100,000. The new proposals were accepted, and the bill passed all stages in both Houses. Parliament then adjourned till July.