Income Tax Act Amendment Act of 1923 (14 Geo v No. 42) (Qld)

HOSPITALS.-INCOME TAX. Sch. pt. 11. r. 36. 14 Geo. V. No. 42,1923. Income Tax Act Amendment Act. (5.) Except where it is by this Act provided to the contrary, .all such penalties when recovered shall be paid into the Hospitals Fund. (6.) Every person guilty of an offence against thiH Act shall for every such offence be liable, if no other penalty is imposed, to a penalty not exceeding twenty pounds, or to be imprisoned for any period not exceeding three months. . (7.) No justice shall be deen1ed incapable of acting in any case arising under this Act by reason of his being as one of several ,electors, or as one of any other class of persons, liable in common with others to contribute to, or be benefited by, the Hospitals Fund. Annual.A.udit. 36. (1.) The Auditor-General, or such officer of his staff as he from time to time directs, shall once at least in every year exumirrc the books and accounts of the Board, and the Auditor-General shaH report thereupon to the Treasurer. (2.) The Treasurer may, if he thinks fit, require such books and accounts to be kept by the Board, and in such form and manner as may be prescribed by the Auditor-General. 10567 INCOME TAX. An Act to further Amend "The Income Tax Act of 14 Geo. V. 1902" in certain particulars. TH: O~ N: ~ ME TAX ACT [ASSENTED TO 23RD NOVEMBER, 1923.J AMENDMENT ACT OF 1923. B E it enacted by the King's Most Excellent Majesty, by and wIth the advice and consent of the Legis- lative Assembly of Queensland in Parliament assembled, and by the authority o[ the same, as follows : - 1. This Act may be cited as "The Income Tax Short title Act Amendment Act of 1923," and shall be read as one and . with *" The Income Tax Act of 1902" and its several c o o f nAstcrtu.ctIOn amendments (herein collectively referred to as the Principal Act). 2. In the definition of "Income derived from Amendment personal exertion" in section three of the Principal of s. 3. Act, after the words "trust estate" the words "the term does not include interest on money unless the taxpayer's principal business consists of the lending of money, or rents' are inserted Also, in the definition of " Net income,' after the words" two hundred" the words" and fifty" are inserted. * 2 Edw. VII. No. 10 and Amending Acts, supra, pages 9379, 9568, 9698, ~nd 10048.

10568 ss. 3, 4. INCOl\m TAX. Income Tax Act Amendment Act. 14 GEO. V. No. 42, Amendment 3. The following amendments are made in sectIOn of 8. 7. seven of the Principal Act:- (1.) In subparagraph (a) of paragraph (iv.) of subsection one, the figures "£200" are repealed and, the figures "£250" are inserted in lieu thereof. (2.) In subparagraph (b) of the said paragraph (iv.), the figures "£200" wherever they occur are repealed and the figures "£250' are inserted in lieu thereof ; also all words from and including "The amount of £200" to the end of the paragraph are repealed and the' following words are inserted in lieu thereof :-" The amount of £250 shall be exempt if the net income does not amount to more than £252, The amount of £249 shall be exempt if the net income is £253 and the amount of exemption shall be reduced by £1 for each £3 of the, net income in excess of £253, so that there shall not be any exemption if the net income is £1,000. In deduct- ing the amount of such exemption the income derived from the produce of property, if any, shall be first, resorted to." (3.) In subsection three, the words "except where otherwise expressly provided" are repealed; also in subparagraph (ii.) after the words "Of all reserves" the words "(including in such reserves all amounts standing to the credit of profit and loss account)" are inserted; also the word "and" which follows the words "invested in the assets of the business" is repealed and the words "which were" are inserted in lieu thereof; also, after the words "has been so paid" the following words are inserted :- "For the purpose of giving effect to this subsection" the Commissioner shall calculate the average value of the assets so used or of the total assets, as the case may be, by adding the value of such assets or total assets, as, the case may be, at the beginning of the year to the value of such assets or total assets, as the case may be, at the end of such year and dividing the result by two.'" (4.) Paragraph (iii.) of subsection seven is repealed. (5.) In paragraph (b) of subsection eight, the words "and the payment of interest from time to time accruing on such debentures" are repealed. 4. After section seven of the Principal Act the following sections are inserted :- . Definition. " [7 A.] In sections 7Band 7c hereof, "loan" includes a conversion loan and a loan raised for the redemption or repayment of an existing loan.

INCOME TAX. SS. 5, 6. 10569 1923. Income Tax Act Amendment Act. [7B.] Notwithstanding anything contained in any Liability of State Act, the interest on any loan raised after the interest on dat e 0 f t he com.Ing.mto operat'IOn 0 f thI' S sectI'On, b. y the Stotaitnecolomaens State, or by any authority const"tuted by or under taX. any State law, shall be subject to income tax, and for the purpose of that taxation shall be deemed to be part of the incQme of the respective persons to whom the interest is payable. This section shall come into operation on a date to be fixed by the Governor in Council by Proclamation published in the Gazette. [7c.] (1.) Subject to subsection two of this section, Liability of the interest accruing on loans raised in Queensland, afterint~res~ the thirty~ first day of December, one thousand nine f! n~ r: gn hundred and twenty-three, by the Government of any tax. Country or Dominion outside the Commonwealth or by any authority constituted by or under any law of any such Country or Dominion, shall be subject to income tax in the same manner as if it were income derived from a source within Queensland. (2.) Subsection one of this section shall not apply in relation to any int.erest unless either- (a) The interest is received directly or indirectly by a person resident in Queensland; or (b) The person to whom the interest is paid or credited is, apart from this section, a tax- payer within the meaning of this Act. (3.) For the purposes qf this section a loan shall be deemed to have been raised in Queensland if subscriptions to the loan were invited in Queensland by public advertisement, by the issue of a prospectus, or otherwise." 5. In section nine ot the Principal Act the figures Amendment "£200" wherever they occur are repealed, and the figures of 8.9. "£250" are respectively inserted in lieu thereof. 6. In paragraph (vii.) of section thirteen of the Amendment Principal Act, after the word "Australia" the words of 8. 13. "Provided that this exemption shall not extend to income so arising or accruing as interest on any State loan or Commonwealth loan in cases where by this Act or any· enactment of the Parliament of the Common- wealth in force interest on any such loan is made chargeable with the payment of income tax" are inserted.

10570 s. 7. INCOME TAX. Income Tax Act Amendment Act. 14 GEO. V. No. 42, Amendment 7. The following amendments are made in section of s. 14. fourteen of the Principal Act:- . (1.) In subsection one under heading (I.), the words " whether or not arising or accruing from any business carried on by the taxpayer where such real property was purchased or acquired by him during the year in which the sale took place or the six years prior thereto" are repealed and the following words are inserted in lieu thereof:- " (i.) In connection with any business carried on by the taxpayer; or (ii.) In all other cases where such real property was purchased or acquired by him during the year in which the sale took place or. the six years prior thereto." Also, before the proviso thereto the following proviso is inserted:- . " Provided that if any standing crop is sold with a property, any profit derived from the sale of such crop shall be taxable irrespective of the number of years during which the property was owned by the vendor." Also, after the word "provided" in the proviso thereto the word "further" is inserted. (2.) Mter subsection two under heading (1.), the following subsection is inserted:- "(2A.) For the purpose of the foregoing subsections one and two under this heading (1.) the cost to the vendor 0-[ property sold (other than a growing crop, stock-in-trade or live stock) which has been acquired by the vendor as a beneficiary or as an executor or adminis- trator in the estate of a deceased person, shall be deemed to be the cost price of such property to such deceased person, and the date on which such property was pur- chased or acquired by such deceased person shall be taken for the purposes of this Act to be the date on which such beneficiary, executor, or administrator, pur- chased or acquired such property." (3.) Subsection five under heading (I.) is repealed and the following subsection is inserted in lieu thereof :- "(5.) Five per centum of the capital amount of a retiring allowance or gratuity paid in a lump sum."

1923. INCOME TAX. s. 8. - - - - - - ------------------ Income Ta.'C Act Amendment Act. 10571 (4.) The following amendments are made in sub- :section seven under heading (1.) : - In paragraph (a) the words" or to any beneficiary under any will or in the distribution of an intestate -estate; or" are repealed. Paragraph (b) is repealed, and the following para- graph is inserted in lieu thereof :- " (b) The transfer to any beneficiary under any will or in the distribution of an intestate estate or the taking over by an executor or adminis- trator on the death of a taxpayer of any live stock and produce owned by a taxpayer, who, up to the date of his death, had taken advantage of the provisions of section twenty- two of this Act." Also, the words" subparagraph (a) or (b) or (c)" are repealed, and the words "subparagraph (a) or (c)" are inserted in lieu thereof; also, after the words "and in the case of live stock" the words "to which subpara- graph (b) refers" are inserted. (5.) The following proviso is inserted at the end of :subsection two under heading (H.):- "Provided further that if the consideration afore- said received is received by a beneficiary, executor, or administrator in the estate of a deceased person, such beneficiary, executor, or administrator shall be entitled to all allowances to which such deceased person would under this subsection have been entitled if he had been alive." (6.) Subsection four under heading (H.) is repealed. (7.) Subsection six under heading (H.) is repealed. 8. The following amendments are made in sub- Amendment section one of section fifteen of the Principal Act:- of 8. 15. (1.) In paragraph (iii.) th0 words" and any interest actually paid by him in that year on any mortgage of his residence" are repealed. (2.) In paragraph (v.), the word "twenty-sIx" wherever it occurs (except the word "twenty-six" after the words "If the income of a wife does not exceed ") is repealed and the word " forty" is respectively inserted in lieu thereof. I

10572 ss. 9, 10. INCOME TAX. Income Tax Act Amendment Act. 14 GEO. V. No. 42. (3.) In paragraph (viii.), the words "the life of any of his children or his own life" are repealed and the words "his own life or that of his wife or children" are inserted in lieu thereof. (4.) In paragraph (x.) the proviso is repealed. (5.) In paragraphs (x.) and (xi.), the word "includ- ing" is repealed and the word" excluding" is respectively inserted in lieu thereof. (6.) After paragraph (xxiii.) the following paragraph is inserted : - . "(xxiv.) So much of the gross income which is not exempt from tax as is paid in calls on shares in a mining company or syndicate carrying on mining operations in Queensland for gold, silver, base metals, rare minerals~ or oil, or in any company or syndicate carrying on afforestation as its principal business." Amendment 9. In section seventeen of the Principal Act the of B. 17. last paragraph is repealed. 10. After section seventeen of the Principal Act the following section is inserted:- Co·operative " [17A.] (1.) In any case where, for the purpose of c & o 0 m . panies, ensuring regularity of price or for the purpose of distribu- tion amongst its producing shareholders, a co-operative company dealing with butter, cheese, bacon, fruit, or- wheat, or any other primary products used for food purposes, distributes, within nine months after the close of any year for which such company makes a return of income, any profits made during that year, such company shall not be liable to pay income tax on the amount of such profits so distributed for such purpose. (2.) In any case where a Primary Producers' Co- operative Association or Primary Producers' Co-operative. Federation, registered under *" The Primary Producers' Co-operative A880ciation8 Act of 1923," distributes or- transfers to a reserve fund, within nine months after- the close of any year for which such registered Associa- tion or Federation makes a return of income, any profits made during ·that year, such registered Association or Federation shall not be liable to pay income tax on the amount of such profits so distributed or transferred: * 14 Geo. V. No. 45, infra, page 10776.

INCOME TAX. ss. 11-15. 10573 1923. Income Tax A.ct Amendment Act. Provided that nothing contained in this section shall exempt any shareholder or member from payment of tax on any amounts received by him in cash or in shares by way of distribution of profits." 11. In section twenty-one of the Principal Act, the Amendment. words " ~ut additions to stock resulting from natural of s. 21. increase shall be reckoned in their first year as being equal to one-fourth of the then value put upon the same class of full grown stock " are repealed and the following words are inserted in lieu thereof :-" For the purpose of this section "value" in the case of live stock means such value or values as may be determined from time to time by the Commissioner." 12. In paragraph (ii.) of section thirty-four of the Amendment Principal Act, the words" may pay to the Commissioner" of s. 34. are repealed and the words " shall pay to the Commis- sioner" are "inserted in lieu thereof. 13. In section fifty-four of the Principal Act, the Amendment. words "of ten per centum of the amount of tax assessable of s. 54. to him" are repealed and the words "at the rate of ten per centum per annum upon the amount of tax assess- able to him, to be computed from the date on which such return or information was due till the date on which such return or information was received by the Commissioner" are inserted in lieu thereof. 14. Section sixty-six of the Principal Act is repealed Amendment and the following section is inserted in lieu thereof :_ of s. 66. "[66.] If any income tax remains unpaid at the Additions on pexapyiarbalteioant tohfe trhaete d 0 u f e. tednaptee,r caedndtiutimonpaler taanxnusmhalul pobne tppauaxinden.toutaIIy the amount of tax unpaid, to be computed from the expiration of the due date till the date of payment: Provided that the Commissioner may in any par- ticular case, for reasons which in his discretion he thinks sufficient, remit the additional tax imposed or any part thereof: Provided further that the Commissioner may extend the time for payment of any tax on such terms as he considers reasonable." 15. After subsection three of section seventy-seven Amendment of the Principal Act, the following subsection is inserted:- oh. 77. " (3A.) Any person who after conviction for an offence against this Act continues to commit any act or be guilty

10574 SS. 16, 17. INCOME TAX.-INSURANCE. Insurance Act. 14 GEO. V. No. 29, of any failure or default in respect of which he was convicted, shall be liable to a penalty of not les,s than fifty pounds nor more than five hundred pounds." Amendment 16. In subsection two of section seventy~eight of of 8.78.. the Principal Act, after the words" two hundred" the words "and fifty" are inserted. Periods of 17. The first period for which assessments of income assessment. shall be made under the Principal Act as amended by this Act shall commence on the first day of July one thousand nine hundred and twenty-two and end on the thirtieth day of June, one thousand nine hundred and twenty-three, and all subsequent annual periods shall be reckoned from that period, and to that extent this Act shall have retrospective operation, to the intent that the Principal Act as amended by this Act shall apply to all incomes for the first period commencing and ending as aforesaid, and for every subsequent annual period, and to the assessment, levy, payment, and recovery of tax thereon. INDUSTRIAL ARBITRATION. See LABOUR. INDUSTRY, COTTON. See COTTON. INDUSTRY, MEAT. See MEAT. INSURANCE. 14 Geo. V. An Act to Amend "The Life Assurance Companies No. 29. THE Act of 1901" and "The Insurance Act of INSURANCE Ac:r OF 1923. 1916" in certain particulars. [ASSENTED TO 12TH NOVEMBER, 1923.] B E it ~ nacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis- lative Assembly. of Queensland in Parliament assembled, and by the authority of the same, as follows ;- Title of Act. 1. This Ac~ may be cited as "The Insurance Act 01 1923."