Land Tax and Income Tax Act 1932 (WA)

No. 12.j Land Tax and Income Tax. [1932_

LAND TAX AND INCOME TAX.

23° GEO. V., No. XII.

No. 12 of 1932.

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

[Assented to 21st November, 1932.1

MOST GRACIOUS SOVEREIGN,—

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

Wthe 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 there- fore 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, 1.932.

Grant of land tax	2. For the year ending the thirtieth day of June, one thousand nine hundred and thirty-three, there shall be charged, levied, collected, and paid for the use of His Maj- esty, under and subject to the Land and Income Tax Assess- ment Act, 1907-1931, and in manner therein prescribed
30th June, 1933.
the year ending

and income tax for

(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.

:1932.] Land lax and Income Tax. [No. 12.

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 sub- section 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 hold- ings, of a sum equal to twenty times the amount of the annual rent payable or paid by the lessee;

Provided further, that such land tax shall not apply to improved land within the meaning of section nine of the Land and Income Tax Assessment Act, 1907-1931, held at noon on the 30th day of June, 1932, and used solely or principally for agricultural, horticultural, pas- toral, or grazing purposes.

(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 el Income tax.

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 in- crease 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.

= 2 .007 (I — 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.

No. 12.] Land Tax and Income Tax. [1932.

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

Minimum amount

pnrak, 4. The minimum amount payable by any taxpayer for

land tax or income tax shall be two shillings and sixpence.

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

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 thirty-two, 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 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 com- pany as aforesaid.

(2.) If any person not in receipt of any income charge- able is, during the year ending the thirtieth day of June,. one thousand nine hundred and thirty-two, in receipt of in- come derived from dividends within the meaning of the Divi- dend 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 re- ceive 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 sec- tion a deduction shall be allowed for interest incurred by the person in the production of the income derived from dividends.