Concessions on overtime

Press, Volume CXIII, Issue 33252, 15 June 1973, Page 1

Concessions on overtime

Taxation concessions on overtime and shift-work payments are made in the Budget in an effort to make the most use of under-worked plant, and to compensate the workers involved. The overtime incentive will take the form of a tax rebate calculated at the rate of 10c for every hour of paid overtime worked. The shift work incentive will be a tax rebate of 40c for every shift worked on which a shift allowance would be payable or, in the absence of this arrangement, where the Commissioner of Inland Revenue is satisfied that shift work is being done. Both rebates will apply from October 1, and both will be made as end-of-year adjustments when the employee makes his tax return. Mr Rowling estimated the cost of these incentives would amount to s2sm.