NEW TAXES ON INCOMES

Taranaki Daily News, 1 August 1931, Page 9

NEW TAXES ON INCOMES

CHANGE IN GRADUATION.

TREBLING OF SUPER-TAX.

The effect of the proposed increase in the super-tax on incomes from 10 to 30 per cent, is to raise the tax on all incomes above £9OO, in comparison with last year’s taxation, by over IS per cent. Owing to the change in graduation, the increase on incomes below £9of) will be substantially heavier. • Following are examples pf the taxation of incomes in the lo.wer grades, no allowance being made for special exemptions ; —s

Examples of the taxation in the higher grades are as follows: —

The rates quoted are for “unearned” income. Tn the case of earned income, there will be a deduction of 10 per cent, of the tax.

Assessable 1930 1931 Income Tax Tax £265 •*' ■• £0 4 6 2'7'5 .. » ■* 0 15 2 300 ..« -■ 2 0 2 350 .. £1 12 1 4 11 0 400 .. 3 4 2 7 1 0 450 .. 4 16 3 9 11 10 500 7 4 4 12 9 7 550 .. 9 12 6 16 8 S 600 .. 13 4 4 21 17 2 700 .. 22 5 2 35 6 7 SOO ... 35 5 10 52 0 0 900 .. 53 12 0 63 7 6

Assessable 1930 1931 Income Tax Tax £1000 >v 64 3 4 75 15 S 1500 130 12 6 154 7 0 2000 .. 20S 10 10 246 9 2 3000 .£ 415 18 9 491 11 3 4000 .. 6S7 10 0 812 10 0 5000 .. 973 19 2 1151 0 10 5000 .. 1299 7 6 1535 12 6 7000 .. 1596 2 11 18'86 7 1 8000 >. 1915 16 8 2264 3 4 8700 .. 2153 5 0 2544 15 0