INCOME TAX AMENDMENT.

Otago Witness, Issue 3097, 23 July 1913, Page 4

INCOME TAX AMENDMENT.

THE NEW MEASURE. (From Gun Own Correspondent.) WELLINGTON, July 15 The Land and Income Tax- Amendment Bill was introduced to the House this afternoon and read a first time. In explaining the measure the Hon. James Allen said that the Government had decided to liberalise the income tax measure by making provision for a larger extension in the case of those who had children.—(Hear, hear.l The law as it stood made no special provision for a man who had children. There was an income tax exemption of £3OO v) ich applied to anyone whether they had children or not. "The Government considered that a man who had children should receive some consideration. Mr Russell : What age? Mr Allen ; Up to the age of 16 years. It was proposed to grant an additional exemption of £25. the Minister continued, for each child under 15 years up to four children. The maximum exemption under the proposal would thus be a further £IOO. Provision was also made for joint incomes, and where a man s aggregate income derivable from land and income exceeded £7OO the additional exemption now proposed would not apply. The Bill, in addition to this, made provision for the obtaining of information from banks with respect to tile incomes of depositors. The existing legal ire visions in this respect had hitherto not been operative. When the present Government, came into office the departmental officers had drawn his attention to the fact, but nothing had been done in the matter until quite recently when tie had met representatives of the banks. These institutions were not raising the same objection to the clause as formerly, and it would become operative as from April 1. This was one reason for bringing down the Bill somewhat early. Another clause in the Bill provides that local authorities having money on deposit and banks and private companies similarly placed must furnish particulars of these deposits to the Income Tax Department when required to do so.