IN AUSTRALIA.

Ashburton Guardian, Volume XXXVI, Issue 3566, 28 September 1916, Page 6

IN AUSTRALIA.

FEDERAL TAXATION

SEVERE WAR DEMANDS

MELBOURNE] September 27. 1 In the Senate, Senator Pearco outj. lined the new Federal taxation policy, i Tho entertainment tax would be a half-penny on threepenny tickets, a i penny on sixpenny tickets, and a penny leach on each additional sixpence. It i was expected that this tax will yield in 1 half a year £1,000,000. In the WarI time Profit Tax it was proposed to take 50 per cent, of the profits made in tho income year 1915-16, allowing an ex- ! emption of £200 profit, and as standard i returns upon' capital of 5 and 6 per cent. It is estimated that the yield of this tax will bo £1,000,000. For the year 1916-17 tho profit standard would be 7 and 8 per cent., and the exemption allowed £200, but it was proposed to take all war profits over that figure. Tho. estimated yield was £2,000,000. The income tax shows a 25 per. cent. increase, with an expected yield of £1,000,000. The exemption limit was reduced to £100, but married men or single men with dependents were allowed an exemption of £156. The levy on wealth for tho '■ Repatriation Fund would be three half-yearly instalments of 1-i- per cent, each on real and personal estates over £500. The first instalment was -estimated to yield £8,333,000.