TAXATION RELIEF
HIGH LEVEL INCOMES LIMIT OF 18/- IN £ AUSTRALIAN SYSTEM (Reed. Nov. 20, 2.45 p.m.) CANBERRA, Nov. 20. The Commonwealth Government will give relief to people and companies whose combined Federal and State income taxes exceed 18s in the £. The Assistant Treasurer, Mr. H. P. Lazzarini, during tre committee stage of the Income Tax Assessment Bill, will move to provide this. Mr. Lazrarini said that if the combined Federal and State taxes amounted to 21s, for instance —14 Commonwealth and 7s State—the Commonwealth would grant relief of 2s in the pound. The States would have to contribute their proportion of tax relief, so that the combined taxes would not exceed 18s in the £.
The Government’s marriage tax proposals are to be modified so that husbands and wives would pay lax on income at a rate appropriate to their combined incomes in excess of £2OO. For example, where a husband has a taxable income of £7OO and the wife £SOO, each would pay tax on their income at the rate appropriate to an income of £IOOO.
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Bibliographic details
Gisborne Herald, Volume LXVIII, Issue 20619, 21 November 1941, Page 7
Word Count
176TAXATION RELIEF Gisborne Herald, Volume LXVIII, Issue 20619, 21 November 1941, Page 7
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