FEDERAL TAXATION
COMMANDEERING WAR PROFITS. DRASTIC REPATRIATION FUND PROPOSAL. Press Association—By Telegraph—Copyright. Australian and N.Z. Cable Association. MELBOURNE, September 27. Senator Pearce has outlined the- new Federal taxation policy. An entertainment tax of a halfpenny on threepenny tickets, one penny on sixpenny tickets, and ono penny on each additional sixpence is expected to vield far the half-year £1,000,000. By a war-time profit tax it is proposed to take 50 per cent, of the profits for the year 1915-16, allowing an exemption up to £2OO profit On a standard of 5 and 6 per cent., this is estimated to yield £1,000,000. For 1916-17 the profit standard will te 7 and 8 per cent., with an exemption of £200; but the Government propose to take all war profits over that sum. Tliis is estimated to vield £2,000,000.
On the income tax there will bo a 25 per , cent, increase, which will yield £1,000,000. Tho exemntion will be" reduced to £IOO, and tho exemntion to married or single men with dependents will be £156.
The Government will levy on wealth for tlu\ repatriation fund three half-vearly instaJments of l-£ per cent, on all real and personal estate over £SOO. Tho first instalment is estimated to yield £3,335,000.
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Bibliographic details
Evening Star, Issue 16231, 28 September 1916, Page 6
Word Count
204FEDERAL TAXATION Evening Star, Issue 16231, 28 September 1916, Page 6
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