Income Tax Act Amendment Act of 1918 (9 Geo v No. 2) (Qld)

8490 INCOME TAX. Income Tax Act Amendment Act. 9 GEO. V. No. 2, INCOME TAX. 9 Geo. V. An Act to Further Amend "The Income Tax Act of No. 2. 1902" in certain particulars. THE T IN A C X OAMCET [ASSENTED TO 6TH SEPTEMBER, 1918.J AMENDMENT BE it enacted by the King's Most Excellent Majesty. ACT OF 1918. by and with the advice and consent of the Legis- lative Council and l...egislative Assembly of Queensland in Pal'liament assembled, and by the authority of the same, as follows :- Short title 1. This Act may be cited as "The Income Tax Act and . L1. mendment Act of 1918," and shall be read as one with ~ ~ ~ ~ ~ ~ ct! On *" The Income Tax Act of 1902" and its several amend- ments (herein collectively referred to as the Principal Act). Amendment 2. (1.) In subsection (i.) of section seven of the of s. 7. Principal Act, the last provision of the table of rates is repealed, and the following provisions are inserted in the said table in lieu thereof :- Exce,eds £:l,OOO and does not { 18d. in each and every exceed £4,500 ... £ Exceeds £4,500 and does not {21d. in each and every exceed £6,000 ... £ Exceeds £6,000 ,'" ... t ( . 24d£. in ea.ch and every (2.) In subsection (ii.) of the said section, the last provision of the table of rates is repealed, and the following provisions are inserted in the said t:lble in lieu thereof:- Exceeds £3,000_and does not { 20d. in each and every exceed £4, ;)00 ... £ ' Exceeds £ ",500 and does not { ~ J, d. in each and every exceed £0,000 ... £ D v xceeds £l. u l , 000 ... { 27d£. in each 1:1nd every (3.) In subsection (iv.) of the said section, the last provision of the table of rates is repealed, and the following provisions are inserted in the said table in lieu thereof :- Exceeds 1.:3,OUO,and does not {24d. in each and every exceed £4,000 ... £ E xceeds£ ·t 50,0 ' " { 27 d£. in each and every * 2 Edw. VII. No. 10 and amending Acts, printed as consolidated, infra, Appendix D, page 8687.

INCOME TAX. 1918. Income Tax Act Atnendment Act. (4.) The first period for which assessments of income shall be made under the Principal Act as amended by sub- sections one, two, and three of this section shall commence on the first day of January, one thousand nine hundred and seventeen, and to that extent this Act shall have retrospective operation. . So far as may be necessary, assessments shall be again made for the period commencing on the first day of January, one thousand nine hundred and seventeen, and in such assessments credit shall be given to the taxpayer for the amount of income tax already paid by such tax- payer in respect of that period; and the sum or balance due shall, for all purposes of the Principal Act as amended by subsections 'one, two, and three of this section, be deemed part of the income tax for that period. (5.) In subsection (v.) of section seven of the Principal Act, after the words "or monopoly companies as herein defined," the words" or foreign companies the incomes whereof are assessable under section thirty-one, . section thirty-two, or section thirty-three of this Act" are inserted. (6.) After subsection (vi.) of the said section, the following subsections are inserted:- (ViA.) On the incomes of foreign companies the incomes whereof are assessable under subsection (i.), sub- section (ii.), or subsection (iii.) of section thirty-one of this Act- (a) On banking co.mpanies (ISd. on each and every assessable under sub- ~ £ of the income section (i.) of the said, assessed under the section ... ... \.. said subsection (i.) (b) On companies carrying rlSd. on each and every on insurance business or I £ of the taxable in- assurance business and I come assessed under assessable under sub- ~ the said subsection section (ii.) or sub- I (ii.) or subsection section (iii.) of the said I (iii.) , as the case may section ... l be (viB.) On the incomes of foreign companies the incomes whereof are assessed under subsection (iv.) or sub- section (v.) of section thirty-one of this Act, or und~ r section thirty-two or under section thirty- three of this Act, either- (a) Income tax in accordance with the scale SAt forth III subsection (v.) of this section; the income of D 8491

8492 INCOME TAX. Income Tax Act Amendment Act. 9 GEO. Y. No. 2, the company assessed under subsection (iv.) or subsection (v.) of the said section thirty-one or unner the said section thirty-two or under the said section thirty-three, as the case may require" shall be deemed to be the Queensland profits of the company concerned, and the incoID8 tax on such profits shall be ascertained as follows :- The amount of tax which would be payable on the totat profits of the company in Queensland and elsewheee, if such profits had wholly arisen in Queensland, shall be ascertained under the provisions of subsection (v.) of this section; and. the amount of tax payable under this Act on the said Queensland profits of the company shall be a sum which bears the same propor- tion to the amount which would be payable as aforesaid on the total profits of the com- vany as the said Queensland profits bear to the said tot~ l profits; or (b) If such eompany has no capital, income tax at the rate of ISd. on each and every £ of the income assessed as aforesaid of such company. (7.) The amendments of the Principal Act made by subsections five and six of this section shall be deemed to have been enacted therein on the first day of January, one thousand nine hundred and sixteen, and the Principal Act shall be construed accordingly, and to that extent this Act shall have retrospective operation. So far as may be necessary, assessments shall be again made for the periods respectively commencing on the first day of January, one thousand nine hundred and sixteen, and 011 the first day of January, one thousand nine hun- dred and seventeen, and in such assessments credit shall be given to the taxpayer for the amount of income tax already paid by such taxpayer in respect of such periods respe,ctively; and the sum or balance due shall, for all purposes of the Principal Act as amended by subsections five and six of this section, be deemed part of the income tax for each such period. Super tax. 3. (L.) After section seven of the Principal Act, the following section is inserted :- ' [8.J There shall be charged, levied, collected, and paid for the use of His Majesty in aid of the Oonsolidated l{evenue for the year one thousand nine hundred and

INCOME TAX. 1918. Income Ta.}; Act Amendment Act. seventeen and for every year thereafter during the con- tinuance of the present War and the year next succeeding in the year which Peace is proclaimed, in addition to the income tax provided by this Act, income tax (called the super tax) in respect of the annual amount (subject to the exemption or deduction hereinafter mentioned) of the incomes of all persons (except mutual life assurance or insurance companies or societies, and except other life assurance or insurance companies whose business is partly mutual, hut to the extent only to which the profits of such last-mentioned companies are distributed or allocated to policy holders as such on a mutual basis), at the, rate of twenty pounds per centum on the amount of the income tax payable under this Act. Provided that- (a,) Where the taxable income of any person (not being a company oran absentee) after deduct- ing the statutory exemption of £~ OO provided in subsection (iii.) of the last preceding section, does not exceed £:WO, then sRch person shall not he liable to pay any super tax; (b) Where the taxable income of any person (not being a company or an absentee) after deduct- ing the' statutory exemption as aforesaid of £200, exceeds £200, then from the 'super tax which would be otherwise payable by such person there shall be allowed the amount of super tax on £200, computed at the rate at which the income tax of such person is com- puted, and such rate shall be as on income derived from personal exertion, if any, in the first instance. (2.) The super tax for the year one thousand nine hundred and seventeen shall be assessed under the Principal Act as amended by section two of this Act, and shall be paid as soon as may be after the passing of this Act, and for all purposes of the Principal Act as amended by section two of this Act shall be deemed part of the income tax for the year one thousand nine hundred and seventeen, and to that extent this Act shal1 have retro- spective operation. The super tax for the year one thousand nine hundred and eighteen, and for each year thereafter while such tax is leviable, shall be assessed and paid together with the 8493 ,_

8494 INCOME TAX. Income Tax Act Amend'rnent Act. 9 GEO. V. No. 2, 1918. income tax for the same vear respectively, and for all purposes of the Principal -Act as amended by this Act shall be deemed part thereof. Amendment 4. In paragraph (ii.) of section thirteen of the Prin- of s. 13. cipal Act, after the words "land tax" the words "01" income tax" are repealed, and the words "in respect of land situated within Queensland" are inserted in lieu thereof. In paragraph (iii.) of the said section thirteen the words" five pounds" are repealed, and the words "seven pounds ten shillings" are inserted in lieu thereof. In paragraph (v.) of the said ,section the words "fifteen pounds" are repealed, and the words" twenty- six pounds" are inserted in lieu thereof; also the word "seventeen" is repealed, and the word "sixteen" is inserted in lieu thereof. After paragraph (va.) of the said section the following paragraph is inserted :- . (vb.) The amount of any donation in cash, not being less than two pounds, to any Queensland Patriotic Eund approved by the Commissioner.. INFANT LIFE PROTECTION. See CHILDREN.