NO CHANGES

Evening Post, Volume CVI, Issue 44, 30 August 1928, Page 12

NO CHANGES

, 4, ANNUAL TAXING BILL SAME AS LAST YEAR Tho Laud and Income Tax (Annual) Bill was brought down in the House of Representatives by Governor-General's Message last night. In reply to the Leader of the Opposition (Mr. H. E. Holland), who asked .whether any changes were being made in the scale of taxation this year, the Minister of Finance (the Hon. W. Downio Stewart) said that it was just tho normal Bill, and that there was no alteration. The schedules of tho Bill provide that the rates of land tax and income tax for the year commencing Ist April, 1928, are as follow:— ; LAND TAX. "Where the unimproved value on which land tax is payable does not exceed £1000, the rate of land tax shall, save as otherwise provided in this part of this schedule, be Id for every £1 thereof. "Where" the unimproved value oil which land tax "is payable exceeds £.1000, the rate of land tax shall, save as otherwise provided in this part of this schedulo, be Id for every £1 thoreof, increased by l-20,000d for every £1 in excess of £1000, "but so as not to exceed in any case- the rate of 7 17-20 d in the £1. From the land tax computed in accordance with the foregoing provisions of this part of this schedule thore shall in every case be deducted an amount equal to 5 per centum thereof. INCOME TAX. On income assessable under subsection (3) of section 116 of the Land and Income Tax Act, 1923, and derived from debentures issued before 28th August, 1923, tho rate of income tax shall be 3s for every £1 thereof. On income assessable under subsection (3) of section 116 of the Laud and Income Tax Act, 1923, and derived from debentures issued on or' after the said 28th August, 1923, the rate of income tax shall be 4s 6d for every £1 thereof. On income assessable under subsection (3) of section 118 of the Land and Income Tax Act, 1923, and derived from debentures issued before 28th Aug ust, 1923, the rate of income tax shall be 2s 6d for every £1 thereof. On income assessable under subsection (3) of section 118 of the Land and Income Tax Act, 1923, and derwed from debentures issued on or after the said 28th August, 1923, tho rate of income tax shall be 4s Gd for every £1 thereof. On all income not included within tho two last preceding clauses the rates of income, tax shall, save as otherwise provided in this part of this schedule, be as follows:— (a). "Where the income, on which tax is payable does not exceed £300, the rato shall bo 7d for every £1 thereof. (b) Whore such income exceeds £300 but does not exceed £1500, flic rate shall be 7d for every £1 thereof, increased by l-100d for every £1 in excess of £300. (c) "Where such income exceeds £1500, but does not exceed £3900, the rato shall be Is 7d.for every £1 thereof, increased by 3-400 d for every £1 in excess of £1500. (d) Where such income exceeds £3900, but does not exceed £5900, the rate shall be 3s Id for every £1 thereof, increased by l-200d for every £1 in excess of £3906. (c) Where such income exceeds £5900, the rate shall be 3s lid for every £1 thereof, increased by l-400d for every £1 in excess of £5900, but so as not to exceed in any case tho rate of 4s Gd in the £1. . The income tax payable by any taxpayer as hereinbefore provided shall be reduced by 10 per centum of so much thereof as is levied in respect of earned income: Provided that if the earned income of a taxpayer for any year exceeds £2000 the reduction provided for by this clause shall be made only in respect of the sum of £2000..