Income Tax Act 1927 (NSW)

INCOME TAX ACT.

Act No. 25, 1927.

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 i o n s 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	a p p l i e d	b y	t h e	I n c o m e
T a x	A c t ,	1 9 2 4 ;	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 , 3 r d M a r c h , 1 9 2 7 . ]

BE it enacted by the King ' s M o s t Excel lent Majes ty ,

by and with the advice and consent of t he Legis ­ la t ive Council and Legis la t ive Assembly of N e w S o u t h

Wales in P a r l i a m e n t assembled, and by the au tho r i t y of

t he same, as follows :—

1. This A c t m a y be cited as t he " I n c o m e T a x Ac t ,

1927 , "	and	shall be	const rued wi th	t h e	I n c o m e	T a x
( M a n a g e m e n t )	Act ,	1912,	as	a m e n d e d	by	subsequen t
A c t s .

Hates of income tax.

2. I n respect of t axab l e income which has been
received by any person d u r i n g the period of twelve

m o n t h s end ing on t h e t h i r t i e th day of Tune, one

t h o u s a n d	nine	h u n d r e d	a n d	twenty-s ix ,	and	in	each
s u b s e q u e n t	year ,	the re	shal l	be	annua l ly	levied	a n d

paid u n d e r t h e provisions of t he I n c o m e Tax (Manage­ m e n t ) Act , 1912, as amended by subsequen t Acts , and in t h e m a n n e r the re in prescribed, income t ax a t t h e respect ive rates in th is A c t provided.

3. The income t ax payable by any company for t he

y e a r of income ending t h e th i r t i e th clay of J u n e , one

t h o u s a n d n ine hundred and twenty-s ix , shall be at t h e

r a t e of th ree shi l l ings in t h e pound on the t axab le i ncome of t h e company , and for each subsequen t year of income the income t a x shal l be a t t h e ra te of two shi l l ings and sixpence in t he pound on the a m o u n t of t axab le income of the company for tha t year.

I 4.

(1) The income t a x payable by any person o t h e r t h a n a company shal l he as follows : —

4.

(a) W h e r e t h e t axab le income does no t exceed t w o

h u n d r e d and fifty pounds t h e t a x shal l b e n inepence in t h e pound on the a m o u n t of such income, and a n addi t ion of one- th i rd of n ine- pence on such of t h e income as is derived from

t h e produce of p roper ty .

(b)	W h e r e t he t axab le income exceeds two h u n d r e d a n d fifty pounds t he t a x shall be according to t h e scale set ou t in t he Schedule to th is A c t .
(2)	I n c o m p u t i n g t h e a m o u n t of income t a x

payable in accordance wi th t he said Schedule income derived from personal exer t ion shal l first be t aken in to accoun t .

5. (1) No twi ths t and ing t h e provisions of sections

th ree and four of th i s A c t t h e income t a x payable by any person in respect of t he t axab le income referred to in sect ion 1 8 A of t he I n c o m e T a x (Managemen t ) Ac t ,

1912, as inser ted by t h e I n c o m e T a x ( M a n a g e m e n t )

A m e n d m e n t Ac t , 1925 , sha l l be five shil l ings in t he pound or such less s u m in t h e pound as m a y for a n y year of income he fixed by the Governor and notified by

proc lamat ion publ i shed in t h e Gazet te .

(2) I n respect of t h e t axab le income referred to in subsect ion one of th is section which has been received b y or credi ted to any person dur ing t h e period of twelve m o n t h s end ing on the th i r t i e th day of J u n e , one t h o u s a n d

n ine h u n d r e d and twen ty - s ix , and in each subsequen t

yea r t he r e shall be a n n u a l l y levied and paid u n d e r t h e

provisions of t he I n c o m e Tax ( M a n a g e m e n t ) Act , 1912,

as amended by subsequen t Ac t s and in t h e m a n n e r

the re in prescribed, income t a x a t t h e r a t e specified in subsect ion one of this section or a t such o ther r a t e as m a y be for t h e year of income the r a t e fixed unde r t h a t subsect ion.

S C H E D U L E .

S C H E D U L E .

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

So much of t he income as does not exceed two hundred and N inepence , and an addi t ion of one- th i rd of ninepence on such of the

fifty pounds . income as is derived from the
produce of proper ty .

So much of the income as exceeds two hundred and fifty and Tenpence, and an addi t ion of one- th i rd of tenpence on such of t he

does not exceed rive hundred	income as is derived from the
pounds.	produce of proper ty .

S o much of t he income as exceeds five hundred and does not Elevenpence, and an addi t ion of one- th i rd of elevenpence on such of

exceed seven hundred and	t he income as is derived from the
fifty pounds.	produce of proper ty .

So much of the income as exceeds seven hundred and fifty and One shilling, and an addi t ion of one- third of one shil l ing on such of

does not exceed one thousand	t he income as is derived from the
pounds.	produce of proper ty .

So much of t he income as exceeds one thousand and does not One shilling and one penny, and an addi t ion of one-third of one

exceed one thousand two	shilling and one penny on such
hundred and fifty pounds.	of the income as is derived from the produce of proper ty .

So much of the income as exceeds one thousand two hundred One shilling and twopence, and an addit ion of one-third of one

and fifty and does not exceed	shilling and twopence on such
one thousand five hundred	of the income as is derived from
pounds .	the produce of proper ty .

So much of the income as exceeds one thousand five hundred One shilling and threepence, and an addit ion of one-third of one

and does not exceed one	shill ing and threepence on such
thousand seven hundred and	of the income as is derived from
fifty pounds.	the produce of proper ty .

So much of the income as exceeds one thousand seven hundred One shilling and fourpence, and an addi t ion of one-third of one

and fifty and does not exceed shill ing and fourpence on such

two thousand pounds . of the income as is derived from
the produce of proper ty .

So much of the income as exceeds two thousand and does not One shilling and fivepence, and an addit ion of one-third of one

exceed two thousand two shilling and fivepence on such

hundred and fifty pounds. of the income as is derived from
the produce of proper ty .

So much of the income as exceeds One shilling and sixpence, and an

two thousand two h u n d r e d addit ion of one-third of one

a n d fifty and does not shilling and sixpence on such of

exceed two thousand five	the income as is derived from
hundred pounds.	the produce of proper ty .

S C H E D U L E

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.
So much of t he income as exceeds two thousand five hundred	One shilling and sevenpence, and an addi t ion of one-third of one
and does no t exceed two	shilling and sevenpence on such

thousand seven h u n d r e d and of t he income as is derived from

fifty pounds . the produce of p roper ty .

So much of the income as exceeds two thousand seven hundred	One shilling and eightpence, a n d an addi t ion of one-third of o n e
and fifty and does no t exceed	shilling and eightpence on such
th ree thousand pounds .	of the income as is derived from the produce of proper ty .
So much of the income as exceeds three thousand and does not	One shill ing and ninepence, and a n addi t ion of one-third of one
exceed three thousand two	shilling and ninepence on such
hundred and fifty pounds .	of the income as is derived from the produce of property.
So much of t he income as exceeds three thousand two hundred	One shill ing and tenpence, and a n addi t ion of one-third of one
and fifty and does not exceed	shilling and tenpence on such
th ree thousand five hundred	of the income as is derived from
pounds.	the produce of property.
So much of t he income as exceeds th ree thousand five hundred	One shilling and, elevenpence, a n d an addi t ion or one-third of one
and does not exceed three	shilling and elevenpence on such
thousand seven hundred and	of the income as is derived from

fifty pounds . the produce of property.

So much of' the income as exceeds three thousand seven hun- Two shill ings, a n d a n addi t ion of

one-third of two shill ings on

dred and fifty and does not	such of t h e income as is derived
exceed four thousand pounds.	from the produce of p roper ty .
So much of t he income a s exceeds four thousand and does not	Two shillings and one penny, and an addi t ion of one-third of t w o

exceed four thousand two	shillings and one penny on such
hundred and fifty pounds.	of t he income as is derived from the produce of proper ty .
So much of the income as exceeds! four thousand two hundred	Two shillings a n d twopence, and an addi t ion of one-third of t w o
and fifty and does no t exceed	shill ings and twopence on such
four thousand five hundred	of t h e income as is derived from
pounds .	the produce of proper ty .

So much of the income as exceeds four thousand five hundred Two shillings a n d threepence, a n d

an addi t ion of one-third of t w o

and does no t exceed four	shillings and threepence on such
thousand seven hundred and	of t he income as is derived from
fifty pounds.	the produce of proper ty .

S C H E D U L E

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.

I

So much of t he income as exceeds four thousand seven hundred Two shillings and fourpence, and an addi t ion of one-third of two

and fifty and does not exceed	shillings and fourpence on such
five thousand pounds .	of the income as is derived from the produce of proper ty .

So much of the income as exceeds five thousand and does not Two shillings and fivepence, and an addi t ion of one-third of two

exceed five thousand two	shillings and fivepence on such
hundred and fifty pounds .	of t he income as is derived from the produce of proper ty .

So much of the income as exceeds five thousand two hundred Two shillings and sixpence, and an addi t ion of one-third of two

and fifty and does not exceed	shillings and sixpence on such
five thousand five hundred	of the income as is derived from
pounds.	the produce of proper ty .

So much of the income as exceeds five thousand five hundred Two shill ings and sevenpence, and an addi t ion of one-third of two

and does no t exceed five	shillings and sevenpence on such
thousand seven hundred and	of the income as is derived from
fifty pounds.	the produce of proper ty .

So much of the income as exceeds five thousand seven hundred Two shillings and eightpence, and an addi t ion of one-third of two

and fifty and does n o t shillings and eightpence on such

exceed six thousand pounds. of the income as is derived from
the produce of proper ty .

So much of the income as exceeds six thousand and does not Two shillings a n a ninepence, and an addit ion of one-third of two

exceed six thousand two shillings and ninepence on such

hundred and fifty pounds. of the income as is derived from
the produce of proper ty .

So much of the income as exceeds six thousand two hundred Two shillings and tenpence, and an addi t ion of one-third of two

and fifty and does no t exceed shillings and tenpence on such

six thousand five hundred of the income as is derived from

pounds. the produce of property.

So much of the income as exceeds Two shil l ings and elevenpence, and

six thousand five hundred an addi t ion of one-third of two

and does not exceed six	shillings and elevenpence on
thousand seven hundred and	such of the income as is derived
fifty pounds.	from the produce of property.

So much of the income as exceeds six thousand seven hundred Three shillings, and an addi t ion of one-third of three shillings on

and fifty pounds. such of t he income as is derived
from the produce of property.

ST. L E O N A R D S