SOCIAL SECURITY

New Zealand Herald, Volume 82, Issue 25300, 6 September 1945, Page 6

SOCIAL SECURITY

PART OF INCOME TAX AUSTRALIAN CAUCUS DEBATE CANBERRA. Sept. 5 Nearly six hours of bitter caucus debate were waged over an innovation in the draft Budget—a social security tax of Is 6d in the pound of taxable income to finance-social services. This will not involve any extra payment by the community. Where taxation now amounts to less than Is 6d in the pound, there will be no raising of taxation as a social security tax. The taxpayer will pay his present contribution, less 12$ per cent. The provisions of the Budget were approved by the Labour caucus late last night after a meeting. The caucus fight centred on the innovation which the Budget will make in dividing the reduced income tax into two compartments. One, representing revenue of lip to Is 6d ih the pound from the taxpayers, will be used as a social security tax to finance social services. The regaining collections will be treated as income tax and paid into the general revenue. The caucus section opposed to this scheme took the view that contributor? insurance was being introduced under another name. HAYMARKET PROPERTY PROPOSED SALE AT £32,000 COMMITTEE RESERVES DECISION An application for permission to soli for £32,000 a two-storey brick building, formerly known as the Haymarket, and a section of 1 rood 29.9 perches, between Federal and Albert Streets, was made at a sitting of the Auckland Turban Land Sales Committee yesterday. The vendor was E. Le Roy." Ltd., and tho purchaser Smith and Brown, Ltd. A private valuation mado by Mr F. A. Jarrett placed the value of tho land a^l 3,7 ? 5 ' the building at £17,125, and £ls for heavy duty crossings, a total of £30,935. It was stated that £3600 had been spent on the building since a previous sale at'£22,500 in 1937. In December, 1912, the building was valued by Mr N. Wade at £17,817. Mr C. W. Chilrott, Government valuer, valued the land at £13.450 and the building at £14,300, a total of £27,750. He said lie had allowed £IOO a foot for half the depth of tho section from Albert Street, and £SO a foot for half the depth from Federal Street Corresponding figures in Mr Jarrett's valuation were £155 a foot and £SO a foot. Mr .Tarrett said the extra amount had been added, because many firms would consider it an asset to have access to both streets. Decision was reserved.