£10 INCOME TAX EXEMPTION

Grey River Argus, 11 September 1948, Page 8

£10 INCOME TAX EXEMPTION

WELLINGTON, Sept. 10

With the exception of the £lO personal exemption provided for in the Budget, the rates of income tax for 1949-49 are the same as for the previous year. This was explained by the Minister of Finance, the Rt. Hon. W. Nash, when the anual Land and Income 'Pax Bill was introduced in the Huose of Representatives this morning. Mr Nash replied in the negative when the Leader of the Opposition, Mr S. G. Holland, inquired if the Bill contained “another bombshell.” Mr Holland said the Minister might have decided to give effect to some of his earlier promises of taxation relief, giving an incentive to greater production. Mr Nash emphasised in regard to the £lO exemption that where the incomes of the husband and wife were aggregated for assessment purposes there would be two exemptions. The Bill provides that if the tax payable by the. taxpayer before allowing the rebate is less than £lO, there shall be allowed a rebate of the amount of the tax. If the taxpayer is a married man upon whom an aggregate assessment is made, there shall be allowed a rebate equal to the sum of the rebates which would be allowable to him and his wife if separate assessments were made.