AUSTRALIAN TAXES

Taranaki Daily News, 5 September 1935, Page 13

AUSTRALIAN TAXES

HEAVY BURDENS IMPOSED. HALF OF COMMUNITY'S INCOME. The heavy burden of taxation in Australia was mentioned by Mr. 1. H. Kelly, chairman of directors of the Perpetual Trustee Company, Ltd., at tne annual meeting at Sydney recently. “Although Governments and other pubUc authorities in Australia are said to take, from the community about onehalf of its income in one way or another, yet all the saving to provide against future adversity, trade losses and depressions, droughts and other possible evils, has to be made by private enterprise out of the one-half of its income which it is allowed to retain,” said Mr. Kelly. “From this same half of the national income private enterprise is also called upon to provide. profitable employment for the great majority of the population.” Mr. Kelly said that when the matter was considered in this light it became obvious that a reduction in the burden of taxation was a question of national concern far more important and widespread than the mere actual granting of relief to individual taxpayers. It was for this reason that financial institutions were compelled to regard the matter of taxation as one requiring the urgent consideration of themselves and their clients.