NEW TAX PLANS

Grey River Argus, 8 September 1939, Page 12

NEW TAX PLANS

IN VICTORIA. MELBOURNE, August 27. Main points of the 1939-40 Budget, presented by the Premier and, Treasurer, Mr Dunstan, in the Legislative Assembly were: Increases in the rates of ordinary income tax to provide £250,000 from individual taxpayers and £lOO,OOO from companies. The present rates of company tax will be raised from 22.575 pence to 2s in the pound. For individuals the minimum rate on taxable incomes from personal exertion will be increased from approximately 6d to 71d in the pound. The rate will rise gradually for each pound increase in income to a maximum of 213 d in the pound on incomes of £lO,OOO and over. Property rates will begin at Is 2d i:

the pound, and rise to a maximum of 3s 4d. _ ' DEDUCTIONS. With the statutory exemption of £2OO and concessional deductions, a married man with two children will not pay any ordinary’ income tax until his income £350. No single man with an income under £2Ol is affected by the tax. It is proposed; -to make available from loan funkS for relief works £250,000 more than was spent in the last financial year;--