BIG HOLDINGS
SUBDIVISIONAL POLICY.
CLOSER SETTLEMENT PLAN".
TAXATION PENALTY*
(Received 11.30 a.m.)
SYDNEY, This Day. The Assembly read a second time aBill introduced by the Minister of Lands for subdividing large holdings with a view to expediting closer settlement.
The Bill is largely similar to the one which failed to pass last session and which* caused a flutter here and in London financial circles owing to its being of an allegedly confiscatory character.
The essence of the measure is a clause providing that a tax shall be levied on land held beyond-the value of £20,000. For the first year the tax is fixed at threepence in the pound sterling, for the-second year sixpence, the third year ninepence, and the fourth and every succeeding year one shilling in the pound, provided that for the first year not less than one the second year hot less than one for the third and following: less than three fourths of cultivable land in surplus areas is cultivated. The Western land division and some other sections are exempted.
The Bill, particularly penalty taxation (flause, is strongly opposed.—— A. and N.Z.
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Bibliographic details
Northern Advocate, 2 December 1921, Page 5
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185BIG HOLDINGS Northern Advocate, 2 December 1921, Page 5
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