Land Tax and Income Tax Act 1924 (WA)

No. 38.] Land Tax and Income Tax. [1924.

LAND TAX AND INCOME TAX.

15° GEO. V., No. %XXVIII.

No. 38 of 1924.

AN ACT to impose a Land Tax and an Income Tax.

[Assented to 31st December, 1924.]

MOST GRACIOUS SOVEREIGN,—

Preamble.

E, Your Majesty's most dutiful and loyal subjects,

WParliament assembled, towards raising the necessary sup-the Legislative Assembly of Western Australia in

plies to defray Your Majesty's public expenses, and making an addition to the public revenue, have freely and volun-, tarily resolved to give and grant unto Your Majesty the duties hereinafter mentioned, and do therefore most humbly beseech Your Majesty that it may be enacted: And be it therefore enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative 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 Land Tax and Income Tax

Act, 1924.

Grant of land tax 2.

For the year ending the thirtieth day of June, One ending the thirtieth day of June, One thousand nine hundred and twenty-six, respectively, there shall be charged, levied, collected, and paid for the use of His Majesty, under and subject to the Land and Income Tax Assessment Act, 1907, and the Acts whereby that Act is amended, and in manner therein prescribed

and income tax for

the year ending	thousand nine hundred and twenty-five, and for the year (1) A land tax at the rate of two pence for every pound sterling of the unimproved value, as assessed by or under the said Acts, of all land chargeable with such tax:
80th June, 1925.

1924.] Land Tax and Income Tax. [No. 3S.

Provided that the tax payable in respect of a pastoral lease shall be at the rate of two pence for every pound sterling

(1) of a sum equal to twenty times the amount of

the annual rent reserved by the lease; or

(ii) if the lessee has applied for a new lease under subsection four of section thirty of the Land Act Amendment Act, 1917, and such appli- cation has been approved, or if the lessee has, under the provisions of the Land Act Amendment Act, 1918, paid double rent in respect of his holdings, of a sum equal to twenty times the amount of the annual rent payable or paid by the lessee; and

(2) An income tax on the income chargeable of all tax- payers at the rates prescribed by section three of this Act.

3.    (1.) When the whole of the income chargeable of a Rate 01 income

taxpayer does not exceed £6,672 the rate of tax per pound tax.

sterling shall be 2007 pence where the income chargeable

is £101 sterling, and shall increase uniformly with each in-

crease of one pound sterling of the income chargeable by -007

of one penny.

Such rate of tax may be calculated from the following

formula:—

R rate of tax in pence per pound sterling.

I income chargeable in pounds sterling.

R = ;2 + •007 (1 — 100) pence.

When the whole of the income chargeable of a taxpayer exceeds £6,672, the rate of tax for every pound sterling thereof shall be forty-eight pence.

(2.) Where the "income chargeable" of any person is less than one hundred and one pounds the rate of tax shall be twopence in the pound.

4. The minimum amount payable by any taxpayer for land Minimum amount payable.

tax or income tax shall be two shillings and sixpence.

5. (1.) If the income chargeable of any person, together gzred. from

with income received by him in respect of the dividends	0— re2Plon. 4 .0 0( 1923,
of

a company subject to duty under the Dividend Duties Act,

No. 38.] Land Tax and Income Tax. [1924.

1902, amounts during the year ending the 30th day of June, 1924, and 1925, respectively, to such a sum as if it were all income chargeable would be liable to in- come tax at a rate exceeding one shilling and three- pence for every pound sterling thereof, without regard to the super-tax imposed by section six, income tax shall be payable by such person on the amount of such aggregate income, but he shall receive credit for the duty payable under the Dividend Duties Act, 1902, in respect of his income derived from a company as aforesaid.

(2.) If any person not in receipt of any income chargeable is, during the year ending the 30th day of June, 1924, and 1925, respectively, in receipt of income derived from dividends within the meaning of the Divi- dend Duties Act, 1902, and such income, after all de- ductions allowed by law, exceeds the sum which under this Act would be chargeable as income at a higher rate of tax in the pound than one shilling and threepence, without regard to the super-tax imposed by section six, such person shall be liable to pay income tax on such income, but such person shall receive credit for the amount of duty payable in respect of such income under the Dividend Duties Act, 1902:

Provided that in any assessment made under this section

a deduction shall be allowed for interest incurred by the per-

son in the production of the income derived from dividends.

Super.tax of 71

per4;cent.	6. In addition to the income tax payable under sec- tions two to five (both inclusive) of this Act, there shall be charged, levied, collected, and paid, for the use of His Majesty, under and subject to the Land and Income Tax Assessment Act, 1907, and the Acts whereby that Act is amended, on the income chargeable of all taxpayers, and on such incomes as are liable to tax under section five, a super- tax equal to seven and a-half per centum of the amount of the income tax imposed as aforesaid:
Provided that this subsection shall not apply to the income chargeable of any taxpayer whose income chargeable as defined by section two of the Land and Income Tax As- sessment Act, 1907, does not exceed two hundred and sixty- four pounds.
Section 56 of 1907,	7. Section fifty-six of the Land and Income Tax Assess- ment Act, 1907, shall not apply to the land tax or income tax to be levied and collected for the financial year ending the 30th day of June 1925.
No. 15, not to