Land Tax and Income Tax Act 1927 (WA)

1927. Land Tax and Income Tax. [No. IS.

LAND TAX AND INCOME TAX.

18° GEO. V., No. XVIII.

No. 18 of 1927.

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

[Assented to 13th December, 1927.]

MOST GRACIOUS SOVEREIGN,-

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

the Legislative Assembly of Western Australia in Parliament assembled, towards raising the necessary sup- 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 Legis- lative Council and Legislative Assembly of Western Aus- tralia, in this present Parliament assembled, and by the authority of the same, as follows :—

1.    This Act may be cited as the Land Tax and Income Short title.

Tax Act, 1927.

2.    For the year ending the thirtieth day of June, One Grant of land tax

thousand nine hundred and twenty-eight, there shall be and y"e'reenggs

charged, levied, collected, and paid for the use of His 50th Tune, 1028.

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

(1) A land tax at the rate of twopence for every pound sterling of the unimproved value, as assessed by or under the said Acts, of all land chargeable with such tax :

No. 18.] Land Tax and Income Tax. [1927.

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

(i)   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 application 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 taxpayers at the rates prescribed by section three of this Act.

Rate of income

tax. 3. (1) When the whole of the income chargeable of a taxpayer does not exceed £6,672 the rate of tax per pound sterling shall, subject as hereinafter provided, be 2.007 pence where the income chargeable is £101 sterling, and shall increase uniformly with each increase 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 (I — 100) pence.

When the whole of the income chargeable of a tax- payer 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.

(3) Provided that for the year ending the thirtieth day of June, One thousand nine hundred and twenty-eight, the rate of tax to be levied as aforesaid on the income chargeable shall be reduced by thirty-three and one-third per centum.

1927.] Land Tax and Income Tax. [No. 18.

4. The minimum amount payable by any taxpayer for tatium e amount

land tax or income tax shall be two shillings and sixpence. P Y •

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

with income received by him in respect of the dividends of a company subject to duty under the Dividend Duties Act, 1902, amounts during the year ending the thirtieth day of June, One thousand nine hundred and twenty- seven, to such a sum as if it were all income chargeable would be liable to income tax at a rate exceeding one shilling and threepence for every pound sterling thereof, 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 thirtieth day of June, One thousand nine hundred and twenty-seven, in receipt of income derived from dividends within the meaning of the Dividend Duties Act, 1902, and such income, after all deductions 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, 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 person in the production of the income derived from dividends.

6.    Section fifty-five of the Land and Income Tax Assess- rg )ft,01007,

ment Act, 1907, shall not apply to the land tax or income	;	.' °
tax to be levied and collected for the financial year ending the thirtieth day of June, One thousand nine hundred and twenty-eight.