GRADUATED INCOME-TAX.

New Zealand Herald, Volume XLVIII, Issue 14853, 2 December 1911, Page 7

GRADUATED INCOME-TAX.

PENALTIES ON ABSENTEEISM.

EXEMPTION FOR EXERTION AND /• ■;. ■' "■ 7 CHILDREN. "' ' By Telegraph.Press Association.—Copyright. ' Sydney, December 1. In the State Legislative / Assembly the Government has introduced a Bill setting forth its income-tax proposals, to the fol- ,';" lowing effect: '. ' '- ; -V*"" * : '" / * ,J * /'. : ' Where income-tax is : payable; by a company it shall be at the rate of Is 2d in the £ on the income chargeable/- -' 'Where' income-tax is payable by a per* son the following rates shall. be paid:— '. " (1) Where the income chargeable does riot exceed £700 the tax shall b"e:>6dfin the £, with (an - addition. • one-third i' if tiro recipient-is an absentee, and with the

addition, ' or'further': addition, of one-third on such portion /of the income as is derived from the produce of property. /V > /. •, (2) Where the income chargeable ex-

ceeds £700 the rates shall be graduated as follows : —Incomes over £700 and i under £1700, 6d in the £ ; over £1700 and under £2700, ,8d ; in the £1; over, ; £27oo and under £4700, 9d r in ' the £ ; over' "£4700 $ : and utader £6700, lOd in ;! ' :; the £; over £6700' and under £9700, lid in the £; over £9700, Is in the £. / . " " '

Each .: of these grades carries -an , additional J one-third if s the recipient of ,|, the income is an absentee,' and • a further.; addi- v tional ; one-third; for such portion of the income as is derived from the produce of ■ property. k l „ There is an exemption for an exertion income, and a further exemption of £50 for each child under 16 dependent "on the taxpayer. • , . , - The Leader of the Opposition, Mr. Wade, opposed the Bill on the ground that taxation is always .■ passed on im the small ; man..';'';•'';/ : VS V 'i-y :: "^.'# j '->;;''' ; '''-..'?.•'/'•/'.v/' The Bill was read a first time. ; .v