MORTGAGE TAX
Levy On £200,000,000
IN NEW SOUTH WALES ONE BODY PAYS £1,000,000 SYDNEY, May 12. The Mortgage Taxation Bill has passed the Assembly. During an acrimonious discussion it was stated that debentures would come within the purview of mortgages. Thus the Lang Government would levy on at least £200,000,000. it was further estimated that an institution like the Australian Mutual Provident Society, which had mortgages secured on property in New South Wales exceeding £10,000,000 would be called upon to pay the Government £1,000,000 within fourteen days of the passing of this Act. BILL PASSES THE COUNCIL FEELING OF APPREHENSION SYDNEY, May 12. There were tense scenes in the Legislative Council to-night during the debate on the Mortgage Taxation Bill which is now believed to be carried by one to three votes with the aid of the Federal Labour group which earlier was solidly against it. The feeling in the city and at Canberra is extremely apprehensive. The Federal Government is preparing emergencies and is expected to take extreme action to override the measure.
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Bibliographic details
Waipukurau Press, Volume XXVIII, Issue 118, 13 May 1932, Page 7
Word Count
174MORTGAGE TAX Waipukurau Press, Volume XXVIII, Issue 118, 13 May 1932, Page 7
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