Allowance Claims
Self-employed professional persons will be able to claim a tax deduction for time spent in promoting exports, and a similar concession will be avaiable for export agents on their commissions.
Mr Muldoon said that in broad terms, exporters could claim 150 per cent deduction for salaries paid to employees while they were promoting exports. The Budget removed the distincition which prevented a selfemployed professional person from claiming the deduction. Beginning this financial year, self-employed professional persons would be able to claim the extra 50 per cent i deduction, and the same ; would apply to agents who received commission for promoting export sales. NEW PLANT
To encourage manufacturers to buy up-to-date plant, and to permit greater capital intensification to help remove the constraint of the labour shortage, it had been decided to reintroduce the 10 per cent investment allowance suspended in 1966.
I The allowance would be given in the first year or use of the new plant, and would have the effect of giving a 110 per cent depreciation write-off for taxation purposes.
The allowance would not be paid on the contents of shops or offices, or on motorvehicles, but it would apply to farm plant and machinery, including tractors. To qualify for the allowance. plant and machinery must be new, and acquired under a contract reached between June 26 and March 31 next. Savings Banks
All savings banks will be allowed to pay 5 per cent interest on two-year investment accounts of not less than $2OO nor more than $6OOO. Interest - bearing deposit limits in ordinary accounts in savings banks, thrift clubs, investment accounts and home lay-by accounts are raised by $2OOO to $6OOO. No change is made in the interest-bearing limits on special-purpose accounts. An individual can have five of these accounts, each with a I ceiling of $lOOO.
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Bibliographic details
Press, Issue 32333, 26 June 1970, Page 1
Word Count
303Allowance Claims Press, Issue 32333, 26 June 1970, Page 1
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