POSITION IN AUSTRALIA

Otago Daily Times, Issue 21197, 1 December 1930, Page 9

POSITION IN AUSTRALIA

THE INCOME TAX BILL AMENDMENT AGREED TO. INCOMES FROM PROPERTY. (United Press Association.) (By Electric Telegraph—Copyright.) CANBERRA, November 29. The Income Tax Assessment Bill was amended in the House of Representatives to provide exemption on incomes from property. Instead of disappearing on incomes of £4OO and over, it does not now disappear till incomes re'ach £6OO. The amendment was made in response to pressure from the Opposition. The amendment also agreed to the providing of the' exemption of shareholders from the special super-tax of Is 6d in, the pound chargeable on the property portion of a company’s income, and imposed also on dividends from income on which the company had already paid super-tax. These concessions amount to £650,000.

- UNEMPLOYMENT RELIEF. PROPOSED ART UNION APPROVED. CANBERRA, November 29. The Minister of Home Affairs (Mr Blakeley) announced that the Government had approved of an art union to provide relief for unemployment in the Federal capital territory. NEW SOUTH WALES TAXES. THE ESTIMATED YIELDS, SYDNEY, November 29. It is expected that the shilling in the pound on salaries and wages will yield over £6,000,000, which with the betting tax makes £8,000,000. THE BETTING TAX, ' OPINION OF BOOKMAKERS. SYDNEY, November 30. (Received Nov. 30, at 5.5 p.m.) Prominent bookmakers declare that the Lang Government’s betting tax will kill racing altogether. Bettors will desert the courses, and the breeding of racehorses will he retarded.