AUSTRALIAN TAXATION
UNIFORMITY AIMED AT IN BILL Canberra, May 16. The Federal Treasurer, Mr. J. B. Chifiey. yesterday introduced a Bill designed to bring about uniform taxation. with the Commonwealth as the chief taxing authority, which most States recently opposed. He said that the Commonwealth hoped in this way to obtain additional revenue of between £12,000,000 and £15,000,000. War expenditure during the past three years had totalled £515,000,000. while next year it was likely to reach £360.000,000. He pointed out that while Commonwealth obligations had multiplied, those of the States had diminished National rights must take precedence over all Stati rights. State rights and State boundaries were an ignoble conception when the nation was in danger. Mr. Chifiey emphasised that under the Bill . ustralian taxpayers would pay only one income tax instead of the many different taxes in operation to-day, and that revenue from particular groups would approximate closely the amount obtained under the present multiple system. Those States which agreed to suspend their taxing power for the duration of the war would receive compensatory grants. Explaining the schedule. Mr. Chifiey said that the company tax would be increased from 4s to 6s in the £. This rate was expected to produce ' the same revenue from companies as ' was at present derived from the ; Commonwealth and State rates. The Bill was read a first time.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/WC19420520.2.88
Bibliographic details
Wanganui Chronicle, Volume 86, Issue 116, 20 May 1942, Page 6
Word Count
224AUSTRALIAN TAXATION Wanganui Chronicle, Volume 86, Issue 116, 20 May 1942, Page 6
Using This Item
NZME is the copyright owner for the Wanganui Chronicle. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.