AUSTRALIA'S DEFICIT.

Press, Volume LXVI, Issue 19971, 4 July 1930, Page 13

AUSTRALIA'S DEFICIT.

MORE REVENUE SOUGHT. NEW TAXATION PROPOSALS. (tJRITBB SBBSS ASSOCIATION—BY BtaCTEIC TELEOBAPH—COFSBIGBT.) (Received July 3rd, 9.20 p.m.) CANBERRA, July 8. The Federal Government's new taxation proposals to meet the deficit of £12,000,000 includu: — A 10 per cent, increase in the tax on all ineomos, with a 5 per cent, super tax on taxable incomes above £350. An additional tax on profits of foreign films in Australia. Taxation on all incomes derived by Australians from sources outside Australia. Tourists leaving Australia will be required to contribute substantially to Commonwealth revenue. Amendments will be made to prevent the avoidance of taxation by distribution of profits among members of families. The death duties are to be increased, also the telegraph and telephone charges, and the poundage rates on postal and money orders. The Government is also imposing taxation on insurance companies with head offices outside Australia, as well as on absentee property owners.

POSITION OF THE STATES. BRISBANE, July 3. The State rovenue for the year amounted to £14,902,834, a drop of over £2,000,000 on the previous 12 months. The excess of expenditure over revenue was £722,485. MELBOURNE, July 3. It is expected that the accounts for the financial year will disclose a deficit of about £750,000. HOBART, July 3. The consolidated revenue for the year amounted to £2,691,357, as compared with the estimate of £2,631,278.