Income Tax and Land Tax Acts Amendment Act of 1933 (24 Geo v No. 25) (Qld)

TAXATION. -------------------------- '24 GEO. V. No. 25, 1933. Income Tax and Land Tax, Etc., Act. 14749 TAXATION. See also INCOME TAX. An Act to Amend "The Income Tax Acts, 1924 to 1932," in certain particulars; and to Amend "The Land Tax Act of 1915" (as amended by subsequent Acts), by Imposing and Levying the Super Land Tax in and for the Financial Year beginning on the 1st day of July, 1933. 24 Geo. V. No. 25. THE INCOME TAX AND LAND TAX ACTS AMENDMENT AOT OF 1933. [ASSENTED '1'0 14TH DECEMBER, 1933.] 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 of the same, as follows:- PART L-PRELIl\UNARY. P,IRT L- PRELD[ ] ~ARY. 1. This Act may be cited as "The Income Tax and Short title. Land Tax Acts Amendment Act of 1933." 2. This Act is divided into Parts, as follows : - PART I.--PRELIMINARY ; Parts of Acts. PART H.-AMENDMENTS OF *"THE INCOME TAX ACTS, 1924 TO 1932"; PART IH.-AMENDMENTS OF t" THE LAND TAX ACT OF 1915" (AS AMENDED BY SUBSEQUEN'l' ACTS). :PART H.-AMENDMENTS OF *" THE INCOME TAX ACTS~ PART II.- 1924 TO 1932 " • AMENDMENTS OF" THE 3 • *" The Income Tax Acts " 19 A 24 to 1 C 932" T are in SINCOM, E TAX this Part referred to as the Principal Act. 1924 TO 1932." Construction This Part of this Act shall be read as one with such of Part n. Principal Act. Such Principal Act (as amended by this Part of this Act) may collectively be cited as "The Income Tax Acts, 1924 to 1933." * 15 Geo. V. No. 34 and amending Acts, supra, pages 10945 et seq. '(See Alphabetical Table). t 6 Gco. V. No. 34 and amending Acts, supra, pages 6951 et seq. (See Alphabetical Table).

14750 TAXATION. PART ii.- AMENDMENTS OF" THE Income Tax and Land Tax, Etc., Act. 24 GEO. V. No. 25, INCOM", TAX - - - - - - - - - - - - - - - - - - - - - - - - 1924 ~ gTr932. " 4. Section eight of the Principal Act is amended, as Amendment follows : - oh. 8. (a) The following paragraph is added to provision fourteen, as follows :- "The exemption under this provision fourteen is extended for a further period of five years commencing from the first day of July, one thousand nine hundred and thirty four." (b) The following amendments are made in provision fifteen, as follows :- The second paragraph of the said provision is repealed and the following paragraph is inserted in lieu thereof, namely:- "The term "bona fide prospector" means and includes :- (i.) A company which, by its servants, has. carried out the whole or major part of the: field work of prospecting in the particular- area of such mining property (other than coal mining) ; (ii.) Any other person who has personally carried out the whole or major part of the: field work of prospecting in the particular area of such mining property (other than coal mining); and (h·i.) Any person other than a company who has contributed to the expenditure incurred in the work of prospecting and development in the particular area of such mining property (other than coal mining)." Am.3ndment 5. Section ten of the Principal Act is amended ae of s. 10. follows : - The proviso to subsection two of the said section (being the words from and including the words "Provided that unless .the taxpayer purchased" to and inc1uding the words "not be liable to income tax") is repealed and the following words are inserted in lieu thereof namely:- "Provided that unless the taxpayer purchased or acquired such property during the year in which the sale took place or the six years prior thereto, any profit made shall not be liable to income tax.

TAXATION. 14751 1933. Income Tax and Land Tax, Etc., Act. PART II-- AMENDMENTS OF " THE INCOME TAX For the purposes of this proviso the term "such ACTS, property" shall not include-- 1924 To 1952." (a) Stock-in-trade, including in this term live stock; (b) Any personal property the net gain or profit on the sale of which is assessable income pursuant to the provisions of subsection three of this section; (c) Any personal property referred to in section eleven of this Act (except the tangible assets mentioned in the first paragraph of subsection lA of the said section eleven)." of an6y. cWouirtht omuatdpereojrugdiivceentobeafnoyredethceisfioirnstodrajyudogfmJuelnyt, o Z1p7e31. r11atinomenanotdfso one thousand nine hundred and thirty-three, or the right by this Act. of any party thereto to prosecute any appeal therefrom as if the amendment made to subsection two of section ten of the Principal Act by section five of this Part of this Act had not been enacted (but notwithstanding any other appeal whether instituted before, on, or after the said date, or any decision or judgment of any court in. respect of such other appeal), the amendment made to subsection two of section ten by section five of this Part of this Act shall be deemed to have been enacted therein at the date of the passing of *" The Income Tax Act of 1924," and the Principal Act shall be read and construed as if at the date of the passing of *" The Income Tax Act of 1924" the said subsection two of section ten as amended by section five of this Part of this Act was enacted therein instead of the said subsection two of section ten as originally enacted; and the Principal Act as so amended shall be applicable and be applied to all incomes for the periods respectively which commenced on the first day of July, one thousand nine hundred and twenty- three, and ended on the thirtieth day of June, one thousand nine hundred and twenty-four, and each subsequent year thereafter. 7. Section twenty-three of the Principal Act is Amendment amended as follows :— of s. 23. (a) Subsection six and the sidenote are repealed, - and the following subsection six and sidenote are inserted in lieu thereof, namely " (6.) Money not wholly and exclusively laid out or money not expended in earning or deriving the assessable income." el aaridnionugt, i&n * 15 Geo. V. No. 34, supra, page 10945. assessable income.

14752 TAXATIOX PART II.- AMENDMENTS OF" 'IRE IKCmrE TAX ACTS, 1924 TO 1932." Income Tax and Land Tax, Etc., Act. 24 GEO. V. Xo. 25, (b) The first paragraph of subsection ten (being the words from and including" Any losses" to and including the words" reasonable premium") is repealed and the following words are inserted in lieu thereof, namely:- "(10.) Any losses- (a) Except losses of uninsured live stock which had been used in earning or deriving the assessable income. (b) Except losses by fire, flood, cyclone, robbery, or embezzlement which are proved to have occurred, and to be irrecoverable,' either directly or by way of insura.nce at a reasonable premium: Provided that the losses referred to in: this paragraph (b) are losses of assets which were used in earning or deriving the assessable income." Am"ndment 8. Section forty-two of the Principal Act is of s. 42. amended by the repeal of subsection four thereof, and the insertion of the following subsection in lieu thereof,. namely:- " (4.) Notwithstanding anything hereinbefore con- tained, the rate of tax in respect of so much of the taxable income of any company as is derived from its metalliferous mining operations, if any, or from the sale, transfer, or assignment by it of any metalliferous mining lease or of any option of the purchase of such lease shall be 12d. in each and every £ of so much of such taxable income." Amendment 9. Section forty-four of the Principal Act is of s. 44. amended by deleting all words beginning with "and except metalliferous mining companies" and ending with the words and bracket "their metalliferous mining operations)" in subsection one of the said section and inserting in lieu thereof the following words and bracket, namely;--" and except companies to which the provisions of subsection four of section forty-two of, this Act are applicable, but to the extent only to which their taxable incomes are chargeable thereunder at the rate of 12d. in each and every £)."

TAXATION. 14763 1933. Income Tax and Land Tax, Etc., Act. ------------------ PART II.- AjyIENDMENTS OF" THE INCOME TAX 10. The first assessments of income tax to be made 1924 ~ ~ Tf932. " under the Principal Act (as amended by sections four, First seven, eight, and nine of this Part of this Act) shall be assessment I.n respect 0 f ' Income earned or der' Ived dur' Ing the year alenvdyfoirfsttax which commenc~ d on the first day of July, one thousand Ull?-er. nine hundred and thirty-two, and ended on the thirtieth r~ ~ n~ ~ pal day of June, one thousand nine hundred and thirty- amended by three, or such other period accepted by the Commissioner ~ ~ d\ 7~ f8. in accordance with the provisions of section thirty of the this Act. Principal Act, and the first levy of income tax under the Principal Act (as amended by sections four, seven, eight, and nine of this Part of this Act) shall be for the year which commenced on the first day of July, one thousand nine hundred and thirty-three, and ends on the P . III- thirtieth day of June, one thousand nine hundred and A~ ~ ~ mlE~ T8 thirty-four. OF" THE LAKD TAX ACT OF 1915" (AS PART IlL-AMENDMENTS OE THE *LAND TAX ACT OF AMENmD BY 1915" (AS AMENDED BY SUBSEQUENT ACTS). sU~ ~ ~ ~ ~ Nr 11. *" The Land Tax Act of 1915" and its several Construction amendments are in this Part of this Act collectively of Part In. referred to as the Principal Act. This Part of this Act shall be read as one with such Principal Act. Such Principal Act as amended by this Part of this Act may collectively be cited as " The Land Tax Acts, 1915 to 1933." Imposition of the Super Land Tax in and for the Financial Year beginning on the first day of July, one thousand nine hundred and thirty-three. 12. (1.) In section 9A of the Principal Act, after Amendment the words "and in and for the financial year beginning of B. 9A. on the first day of July, one thousand nine hundred and thirty-two," the following words are inserted, namely :- "and in and for the financial year beginning on the first day of July, one thousand nine hundred and thirty-three." (2.) The amendment of the Principal Act hereby made by subsection one of section twelve of this Part of this Act shall be deemed to have been made therein on the twenty-ninth day of June, one thousa,nd nine hundred and thirty-three. * 6 Geo. V. No. 34 and amending Acts, supra, pages 6951 et seq. (See Alphabetical Table).

14754 TAXATION. PART III.- AMENDMENTS OF" THE Income Tax and Land Tax, Etc., Act. 24 GEO. V. No. 25, 1933. LAND TAX ls1~ ~ , ( ~ s 13. It is hereby expressly declared and enacted ~ ~ : ~ : ~ E; : that the provisions of section 9A of the Principal Act ACTS). (as amended by section twelve of this Part of this Act), Pofr o es p e e r r v a att IO ~ o n n shall be read and construed • to the full intent that of B. 9A. aB super land tax has been leVIed and payable for the ! m~ nd~ ~ ~y financial year beginning on the :first day of July, one ; ~ rt ~ thi: thousand nine hundred and seventeen, and in and Act. for each financial year thereafter. until the close of the financial year ending on the thirtieth day of June, one thousand nine hundred and thirty-one, and that super land tax, at the rate prescribed in the said section 9A, has been levied and payable in and for the financial year beginning on the :first day of July, one thousand nine hundred and thirty-two, and ending on the thirtieth day of June, one thousand nine hundred and thirty-three, and that super land tax at the rate prescribed in the said section 9A is levied and shall be paid in and for the financial year beginning on the :first day of July, one thousand nine hundred and thirty-three, and ending on the thirtieth day of June, one thousand nine hundred and thirty-four; and the provisions of the said section 9A (as amended by section twelve of this Part of this Act), notwithstanding any Act, or law, or rule, or process of law to the contrary, are preserved and have full force and effect accordingly. * Sic in Gazette; 8emble "s. 12."