Income Tax Act 1940 (WA)

No. 14.] Income Tax. [1940.

INCOME TAX.

4° GEO. VI., No. XIV.

No. 14 of 1940.

AN Act to impose an Income Tax.

[Assented to 12th November, 1940.]

BE it enacted by the King's Most Excellent Majesty,by and with the advice and consent of the Legis- lative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:

Short title.	1. This Act may	be cited as the Income Tax Act, 1940.
Incorporation.

2. The Income Tax Assessment Act, 1937-1939, is

incorporated with and shall he read as one with this Act.

Imposition of

;acorn( tax.	3. Income tax is imposed at the several rates declared in this Act.
Rates of in-
come tax for	4. The rates of income tax payable under the Income Tax Assessment Act, 1937-1939, by companies on their taxable income and under section one hundred and twenty-three of that Act in respect of interest paid or credited by companies to persons who are non-residents of Australia, and in respect of racing stakes under see-
contpanics.

1940.1 Income Tax. [No. 14.

tion one hundred and forty-eight of the said Act, shall

be as follows:

(a)	the rate of income tax payable by a company (other than a life assurance company) on its taxable income shall be as set out in the First Part of the Schedule to this Act;
(b)	the rate of income tax payable by a life assur- ance company on its taxable income shall be as set out in the Second Part of the said Schedule;
(c)	the rate of income tax payable by a company under section one hundred and twenty-three of the said Act in respect of interest paid or credited by a company to any person who is not a resident of Australia shall be as set out in the Third Part of the said Schedule;
(d)	the rate of income tax payable on racing stakes subject to tax under section one hundred and forty-eight of the said Act shall be as set out, in the Fourth Part of the said Schedule.

5.

The rates of income tax payable under the income plraett; Tax Assessment Act, 1937-1939, by all persons (other ruetart. than companies) shall be as set out in the Fifth Part of e°mPania the said Schedule.

6.

(1) Income tax shall be levied and paid for the

financial year beginning on the first day of July, one

thousand nine hundred and forty.

(2) Subject as hereinafter provided this Act shall also apply to all assessments for financial years subsequent to that beginning on the :first day of July, one thousand nine hundred and forty, made prior to the commence- ment of the Act for the levying and payment of income tax for the financial year beginning on the first day of July, one thousand nine hundred and forty-one. Pro- vided that this subsection shall cease to have effect after the thirty-first day of December, one thousand nine hun- dred and forty-one.

7.    Insofar as any provision of this Act is inconsistent -,,"fitealet

with any provision of the Land Tax and Income Tax Act,

No. 14.] Income Tax. [1940.

1937, this Act and the provisions thereof shall prevail and shall operate and have effect in lieu of the said Act and the provisions thereof.

SCHEDULE.

FIRST PART.

Rate of Income Tar payable by a Company (other than a Life

Assurance Company).

The rate of tax shall be two shillings and sixpence per pound of the taxable income of the company.

S !CRON I s RT.

Rate of Income Tax payable by a Life Assurance Company.

The rate of tax payable by a life assurance company shall be two shillings and threepence per pound of its taxable income.

THIRD PART.

Rate of Income Tax payable by a Company on interest under Section one hundred and twenty-three of the Income Tax Assessment Act,

1937-1939.

The rate of tax shall be two shillings per pound of interest paid

or credited.

FOURTH PART.

Rate of _Income Tax payable on Racing Stakes.

The rate of tax shall be fourpence in the pound on the amount of

the stakes.

FIFTH PART.

Rate of Income Tax payable by all persons (other than Companies).

(1)

Where the amount of the taxable income is one pound the rate of tax shall be 9.01 pence and shall increase uniformly by .01 of a penny for every pound of increase in taxable income until the sum of four thousand five hundred pounds of taxable income is reached, at which point the rate of tax shall be fifty-four pence.

(2) When the amount of the taxable income exceeds four thousand

five hundred pounds, the rate of tax for every pound thereof shall be

fifty-four pence.

(3) The minimum amount payable by any taxpayer for income

tax shall be five shillings.