MORE TAXATION

Southland Times, Issue 20939, 23 November 1929, Page 7

MORE TAXATION

FEDERAL BUDGET * THEODORE’S SURPRISE SUPER-TAX ON INCOMES HIGHER TARIFF DUTIES (United Press Assn,—By Telegraph—Copyright.) Canberra, November 22. The Federal Treasurer, Mr Theodore, unexpectedly presented the Budget and Estimates of the new Government in the House of Representatives. He declared that the late Treasurer grossly miscalculated the commitments and also, probably, the revenue. The increased expenditure, for which inadequate provision had been made, totalled £807,340, and the Government proposed to raise a further £885,000 by an increase in the income tax, the existing rates to be increased by the imposition of a super-tax as follows: On taxable incomes of individuals receiving £2Ol to £l5OO, 10 per cent.; £l5Ol to £3OOO, 15 per cent.; £3OOl and upwards, 20 per cent. The revised estimate was £43,250,000, Ar £500,000 less than the Budget Estimates, The Government did not, continued Mr Theodore, intend to levy the 5 per eent. tav on gross receipts from entertainments. The excise duty on petrol would be increased Id a gallon, while the duty would be increased on leather, rubber goods, motor cars, cotton, and wool yarn. The ■recent increase of 3d per gallon in .beer excise would be reduced to a penny.

The total revenue is estimated at £64,589,000, and the expenditure at £64,574,442, leaving an estimated surplus of £14,558. PROHIBITIVE DUTIES BLOW TO BRITISH INDUSTRIES. INCREASED COST OF LIVING. (Rec. 9.40 p.m.) Sydney, November 22. The Federal Governments new tariff duties have dealt a staggering blow to British industries and will necessarily raise the cost of living in Australia. Whisky, brandy, rum, gin and other spirits have been increased eight shillings per gallon. Very heavy increases have been imposed on imported cigarettes and cigars, felts, furs, whitelead, and varnishes. White timber for box making has been increased seven shillings per hundred feet and super dressed timber eight shillings.. Prohibitive duties are imposed on imported socks and stockings. The duties in some cases are doubled. The foreign rate on matches has been doubled. The Sun says that this extra £2,000,000 per year extorted by Mr Theodore by way of new taxation represents a tax of 5 per cent on £40,000,000 of our industrial income and is bound to result in additional unemployment. The average amount of taxation paid by 8169 companies in Australia in the past was £325 12/11. The average amount payable under the new schedule will be increased by £65 2/7 to £390 15/6. AN UNEXPECTED MOVE HECTIC TIME AT CANBERRA. (Rec. 7.30 p.m’.) Sydney, November 22. Mr Theodore presented his Budget speech without warning at 10.28 last night when the business of the House was proceeding drowsily to, as everyone supposed, an early close. The Press was not supplied with details beforehand as has been the practice 5n the past, and most of the telegraph officers had gone off duty. The result was a hectic time rounding up telegraphists from their homes, while Pressmen feverishly prepared messages from the printed copies provided after the speech began. To crown all the pneumatic chute from the gallery to the telegraph office jammed, causing delay. The Budget taxes are hardly more unpopular among business men than is their announcer, Mr Theodore, to-day among Parliamentary Pressmen.