Land Tax and Income Tax Act 1937 (WA)

1937.1 Land Tax and Income Tax. [No. 22,

LAND TAX AND INCOME TAX.

1° AND 2° GEO. VI., No. XXII.

No. 22 of 1937.

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

[Assented to 18th January, 1.938.]

BE it 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 Australia, 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, 1937.

and its amendments, so far as applicable to land tax, and two. 2. The Land and Income Tax Assessment Act, 1907, lcorpora-

the Income Tax Assessment Act, 1937, so far as applic- able to income tax, are incorporated with and shall be read as one with this Act.

3. Land tax and income tax are imposed at the Imposition of land tax and

several rates declared in this Act. income tax.

4.    Pursuant to the Land and Income Tax Assessment Imposition of

Act, 1907, and its amendments, for the year ending the land tax.

thirtieth day of June, one thousand nine hundred and

thirty-eight, land tax is imposed at the rate specified in

the First Part of the Schedule.

5.    Unless and until Parliament otherwise determines, Imposition of

for the year of assessment ending the thirtieth day of Iferoniceomi.a.

June, one thousand nine hundred and thirty-eight, and Pam".

for each year of assessment thereafter, the rates of in-

come tax payable under the Income Tax Assessment Act,

1937, by companies on their taxable income, and under

section one hundred and twenty-three of that Act in

respect of interest paid or credited by companies to per-

No. 22.] Land Tax and Income Tax. [1937.

sons who are non-residents of Australia; and in respect of racing stakes under section one hundred and forty- eight of the said Act, shall be as follows :—

(a)

the rate, of income tax payable by a company (other than a life assurance company) on its taxable income shall be as set out in the Second Part of the Schedule ;

(b)

the rate of income tax payable by a life assur-

ance company on its taxable income shall be

as set out in the Third Part of the Schedule;

(c)

the rate of income tax payable by a company under section one hundred and twenty-three of the said Act in respect of interest paid or credited by a company to any person who is not a resident of Australia shall be as set out in the Fourth Part of the Schedule ;

(d)

the rate of income tax payable on racing stakes subject to tax under section one hundred and forty-eight of the said Act shall be as set out in the Fifth Part of the Schedule.

Rate of tax	6. For the year of assessment ending the thirtieth
payable by

taxpayers	day of June, one thousand nine hundred and thirty-eight,
other than
companies.	income tax shall be payable under the Income Tax Assess- ment Act, 1937, by all persons (other than companies) at the rates set out in the Sixth Part of the Schedule.

THE SCHEDULE.

FIRST PART.

Rate of Land Tax.

The rate of land tax shall be twopence for every pound of the unimproved value, as assessed by or under the said Acts, of all land chargeable with such tax:

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

(i)    of a sum equal to twenty times the amount of the annual rent reserved by the lease in eases other than those mentioned in the next following paragraph of this proviso; or

(ii)    of a sum equal to twenty times the amount of the annual rent

payable or paid, by the lessee if such lessee

(a)	prior to the commencement of the Land Act, 1933, bas applied for a new lease under subsection (4) of section thirty of the Land Act Amendment Act, 1917, and such application has been approved; or
(b)	has paid double rent in respect of his holding under the

provisions of the Land Act Amendment Act, 1918; or

1937.] Land Tax and Income Tax. [No. 22.

(c) has applied for a new lease under subsection (1) of section one hundred and fourteen of the Land Act, 1933, and such application has been approved:

Provided further, that such land tax shall not apply to improved land within the meaning of section nine (as amended by Aet No. 8 of 1936) of the Land and Income Tax Assessment Act, 1907-1931, held at noon on the thirtieth day of June, one thousand nine hundred and thirty-seven, and used solely or principally for the purposes of an agricultural, pastoral, horticultural, apicultural, grazing, pig-raising, or poultry-farming business:

Provided further, that the minimum amount payable by any per- son for land tax shall be two shillings and sixpence.

SECOND PART.

Rate of Income Tax payable by a Company (other than a Life

Assurance Company).

The rate of tax shall be one shilling and fivepence farthing per pound of the taxable income of the company.

THIRD PART.

Rate of Income Tax payable by a Life Assurance Company.

The rate of tax payable by a life assurance company shall be one

shilling and threepence per pound of its taxable income.

FOURTH PART.

Rate of Income Tax payable by a Company on interest under Section One hundred and twenty-three of the Income Tax Assessment Act, 1937.

The rate of tax shall be one shilling and fivepence farthing per pound of interest paid or credited.

FIFTH PART.

Rate of Income Tax payable on Racing Stakes.

The rate of tax shall be fourpenee in the pound on the amount of

the stakes.

SIXTH PART.

Rate of Income Tax payable by all Persons (other than Companies).

(1) When the whole of the taxable income does not exceed six

thousand six hundred and seventy-two pounds the rate of tax per

pound, subject as hereinafter provided, shall be 2.007 pence where the

taxable income is one hundred and one pounds and shall increase uni-

formly with each increase of one pound of the taxable income by .007

of one penny.

Such rate of tax may be calculated from the following formula:—

= rate of tax in pence Pon pound.

I = taxable income in pounds. R = 2 -1- .007 (I-100) pence.

When the whole of the taxable income exceeds six thousand six hundred and seventy-two pounds the rate of tax for every pound there- of shall be forty-eight pence.

No. 22.] Land Tax and Income Tax. [1937.

(2)

When the taxable income of any person is less than one hun- dred and one pounds the rate of tax shall be twopence in the pound.

(3)

Provided that, for the year of assessment ending the thirtieth day of June, one thousand nine hundred and thirty-eight, the rate of tax to be levied as aforesaid shall be reduced by twenty per centum.

The minimum amount payable by any taxpayer for income tax shall be two shillings and sixpence.

(4)