Income Tax Deduction Act 1907 (NSW)

Act No. 7, 1907.

An A c t to p r o v i d e ce r t a in d e d u c t i o n s in r e s p e c t

of	i n c o m e	t a x ; to	a m e n d	t h e	Land	and
I n c o m e	Tax	A s s e s s m e n t	A c t	of	1895,	t h e

Land a n d I n c o m e T a x ( D e c l a r a t o r y ) Ac t , 1898,

a n d t h e Land a n d I n c o m e T a x ( A m e n d m e n t )

Ac t ,	1 9 0 4 ;	and	for	p u r p o s e s	c o n s e q u e n t
t h e r e o n	or	i n c i d e n t a l	t h e r e t o .	[16th	December,
1907.]

Assembly of N e w South Wales in Par l i ament assembled, and by the BE it enacted by the K ing ' s Most Excel lent Majes ty , by and wi th t he advice and consent of the Legislative Counci l and Legis la t ive

a u t h o r i t y of t he same, as follows :—

1. This A c t may be cited as t he " Income Tax Deduction Act ,

1907 ," and shall be construed with the L a n d and I n c o m e Tax Assessment A c t of 1895. the band and Income T a x (Declara tory) Act ,

1898, and the L a n d and Income Tax ( A m e n d m e n t ) Act, 1904.

2. This Ac t shall app ly to t h e income t ax for t he year one

thousand nine h u n d r e d and eight , and for any subsequen t year .

3. I n this Act , unless the context requires ano ther m e a n i n g , —

" B u s i n e s s " includes every profession, t rade , employmen t , or

vocat ion.

" I n c o m e derived from personal exe r t i on" means income in respect of which any person is liable to t axa t ion ar is ing or acc ru ing to such person from any bonuses, fees, commissions, salaries, wages, al lowances (except t rave l l ing or forage a l lowances) , pensions, superannua t ion or re t i r ing al lowances, or s t ipends earned in or derived from New South Wales, and all income ar i s ing or acc ru ing from any business carried on in New South Wales, whe the r such business be carried on by such person on his own behalf wholly, or in par t by any other person.

" I n c o m e derived from the produce of property " means income in respect of which any person is liable to t axa t ion ar is ing or accru ing in New South Wales to such person, wheresoever residing (whether such income has or has not been derived from the proper ty of such person) , not being income derived from persona] exert ion.

" Pr inc ipa l A c t " means Land and I ncome Tax Assessment A c t

of 1895.

4 . The deduction of two hundred pounds under section sixteen

of the Pr incipal Act in the assessment of any income shall be made
in pu r suance of th is Act .

Such deduct ion shall in the first place be made from so m u c h of the income as is derived from personal exer t ion.

P u t where the income so derived is less than two h u n d r e d pounds , t he deduction shall be so made to the ex ten t of such i n c o m e ; and any par t of the said two hund red pounds not applied in such deduct ion shall be deducted from income derived from the produce

of p roper ty .

W h e r e the re is no income derived from personal exer t ion the

two hundred pounds shall be deducted from income derived from the

produce of property .

5. W h e r e income chargeable under the Pr inc ipa l Act ( inc luding

income on which income t ax is payable under the L a n d and I n c o m e Tax (Declara tory) Act , 1898), be ing income of any person, not be ing a company, derived from personal exert ion, exceeds two hund red pounds , such person shall be ent i t led to a fur ther deduction from such income of the amount by which such income exceeds two h u n d r e d pounds , bu t so tha t the total deduc t ions from such income under this and the nex t preceding section shall not in any ease exceed one

thousand pounds .

Act