Income Tax Act 1922 (NSW)

INCOME TAX ACT.

Act No. 21, 1922.

A n A c t t o i m p o s e a n i n c o m e t a x ; t o m a k e p r o -

v i s ions for t h e a p p l i c a t i o n of r a t e s of t a x

d i f f e r e n t	t o	t h o s e	appl ied	b y	the	I n c o m e
T a x	A c t ,	1 9 1 1 ,	as	a m e n d e d	b y	s u b s e q u e n t

A c t s ; a n d for p u r p o s e s c o n n e c t e d t h e r e w i t h .

[ A s s e n t e d t o , 1 4 t h N o v e m b e r , 1922.]

lative Council and Legislative Assembly of New South B E it enacted by the King's Most Excellent Majesty, ) by and with the advice and consent of the Legis­

"Wales in Parliament assembled, and by the authority of
the same, as follows :—

1. This Act may be cued as the " Income Tax Act, 1922,"' and shall be construed with the Income Tax (Management) Act, 1912.

Hates of income tax.

of the taxable income of such company.

2 . In respect of taxable income which has been received by any person during 1 he period of twelve months ending on the thirtieth day of June, one thousand nine hundred and twenty-two, and in each subsequent year, there shall be annually levied and paid under the provisions of the Income Tax (Management) Act, 1912, and in the manner therein prescribed, income tax at the respective rates in this Act provided.

3 . The income tax payable by any company shall be
two shillings and sixpence in the pound on the amount

4. (1) The income tax payable by any person other

than a company shall be as follows :—

(a) Where the taxable income does not exceed two

hundred and fifty pounds the tax shall be one

shilling in the pound on the amount of such income, and an addition of one-third of one shilling on such of the income as is derived from the produce of property.

(b) Where the taxable income exceeds two hundred and fifty pounds the tax shall be according to the scale set out in the Schedule to this Act.

(2) In computing the amount of income tax

payable in accordance with the said Schedule income derived from personal exertion shall first be taken into

account.

S C H E D U L E .

Amount of taxable income. Amount of tax per pound of income.

So much of the income as does	One shi l l ing, and an addi t ion of one-
not exceed two hundred and	third of one shilling; on such of
fifty pounds.	the income as is der ived from the produce of property.
So uracil of the income as exceeds	One sh i l l ing and one pennv, and an
t w o hundred and fifty and	addi t ion of one-third of one
does not exceed live hundred	shi l l ing and one penny on such of
pounds.	the income as is der ived from the produce of proper ty .

So much of the income as exceeds One shi l l ing and twopence , and an

five hundred and does not addi t ion of one-third of one

exceed seven hundred	and	shi l l ing and twopence on such of
fifty pounds.	the income as is der ived from the produce of proper ty .
So much of the income as exceeds	O n e shi l l ing and	threepence, and an

seven hundred and f i f t y and addi t ion of one-third of one

does not exceed one thousand	shi l l ing and threepence on such
pounds.	of the income as is der ived from
the produce of proper ty .
So much of the income as exceeds	One shi l l ing and fourpence, and an

one thousand and does not addi t ion of one-third of one

exceed one thousand five shi l l ing and fourpence on such of

hundred pounds. the income as is der ived from the
produce of proper ty .
S C H E D U L E — c o n t i n u e d .

Amount of taxable income. Amount of tax per pound of income.

S o much of the income as exceeds one thousand five hundred O n e shi l l ing and fivepence, and a n

addi t ion of one-third of one

and does not exceed two sh i l l ing and fivepence on such of

thousand pounds.	the income as is der ived from the produce of proper ty .
So much of the income as exceeds two thousand and does not	One shi l l ing and s ixpence, and an

addi t ion of one-third of one

exceed two thousand five shi l l ing and s ixpence on such of

hundred	pounds .	the income as is de r ived from the produce of proper ty .
So much of the income as exceed two thousand five hundred	One shi l l ing and sevenpence, a n d	an

addit ion of one-third of one shil­

and does not exceed three	l ing and sevenpence on such of
thousand pounds.	the income as is der ived from the produce of proper ty .

So much of the income as exceeds One shi l l ing and e ightpence , and a n

three thousand and does not addi t ion of one-third of one

exceed three thousand five	shi l l ing and e igh tpence on	such
hundred	pounds .	of the income as is der ived from
the produce of p roper ty .
So much of the income as exceeds	One shi l l ing a n d tenpence, and	an

three thousand five hundred	addi t ion of one-third of one
and does no t exceed four	shi l l ing and tenpence on such of
thousand pounds.	the income as is der ived from the
produce of p roper ty .

So much of the income as exceeds four thousand and dues not T w o shi l l ings , and an addi t ion of

one-third of t w o shi l l ings on such

exceed five thousand pounds.	of the income as is de r ived from
the produce of proper ty .

S o much of the income as exceeds five thousand and does not ex­ T w o shi l l ings and twopence , and an

addi t ion of one-third of two

ceed seven thousand pounds.	shi l l ings and twopence on such
of the income as is de r ived from
the produce of p roper ty .

S o much of the income as exceeds seven thousand pounds . T w o sh i l l ings and threepence, and

an addi t ion of one-third of t w o shi l l ings and threepence on such

of the income as is der ived from

the produce of proper ty .

I N C O M E