Dividend Duties Act Amendment Act 1920 (WA)

No. 32.] Dividend Duties. [1920.

DIVIDEND DUTIES.

11° \T., No. XXXII.

No. 32 of 1920.

AN ACT to further amend the Dividend Duties Act, 1902.

[Assented to 31st December, 1920.]

B E it enacted by the King's Most Excellent Majesty, byCouncil and Legislative Assembly of Western Australia, inand with the advice and consent of the Legislative

this present Parliament assembled, and by the authority of

the same, as follows:-

Sheet tit le. 1.

This Act may be cited as the Dividend Duties Act Amendment Act, 1920, and shall be read as one with the

Dividend Duties Act, 1902 (hereinafter referred to as the principal Act), and its amendments.

Duty increased 2.

(1) In addition to the duty payable under the principal Act and its amendments, by companies on the profits made or premiums received or charged in account by companies, on and after the 1st day of July, 1919, there shall be paid by every company to the Commissioner of Taxation, by way of increased duty, a sum equal to fifteen per centum of the amount of the duty imposed by the princi- pal Act as amended prior to the commencement of this Act :

by 15 per cent.

(2) In the case of companies which are liable to duty on the profits made and which balance their accounts on some day other than the thirtieth day of June, the fifteen per centum increased duty shall, in respect of the period from the 1st day of July, 1919, to the next following balancing day be payable on profits apportioned to that period in ratio to the whole of the profits made during the year ending with such balancing day:

Provided that the duty payable under an agreement made pursuant to subsection five of section seven of the principal Act (inserted by the Act No. 30 of 1906, and amended by the Act No. 22 of 1918) shall be deemed duty payable on profits :

Provided also that this Act shall not apply to Life Assurance Companies.

1920.] Dividend Duties. [No. 32.

3. In assessing the profits made by a company on the re-	allowed for
Deduction

turns forwarded finder section seven of the principal Act, the	ebaritalle
payments to
Minister shall allow as a deduction therefrom any payment	institutions,
etc.
made by the company to the board or trustees of any chari- table institution, incorporated or otherwise, or of a public park or reserve, or of a university or public school, or of a library, art gallery, museum, or other institution for public education, recreation, or enjoyment subsidised by the Gov- ernment; provided that such payment is applied solely to such charitable or other public purpose.