TAX CONCESSIONS
AUSTRALIAN BUDGET OVER £1,500,000 INVOLVED (Reed. Nov. 26, 2.40 p.m.) CANBERRA, Nov. 26. The concessions granted by the Government on the Budget legislation introduced this session will cost at least £1,500,000, said the Federal Treasurer, Mr. J. B. Chifley. The Income Tax Assessment Bill was passed through all stages in the House of Representatives after amendments. The principal amendment was a modification of the proposal to tax the combined incomes of husbands and wives. The proposal to group husbands and wives’ incomes will not now apply where the wife’s income has been derived from her own personal exertion or from property which she holds in her own right. In these cases the incomes of husbands and wives will be assessed at the rate of tax applicable to each individual income. Where the husband has transferred property to his wife, the rate of tax applicable to the combined incomes will apply.
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Bibliographic details
Gisborne Herald, Volume LXVIII, Issue 20624, 27 November 1941, Page 9
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152TAX CONCESSIONS Gisborne Herald, Volume LXVIII, Issue 20624, 27 November 1941, Page 9
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