NEW TAXES IN AUSTRALIA

Dominion, Volume 33, Issue 186, 3 May 1940, Page 10

NEW TAXES IN AUSTRALIA

Commonwealth Budget EXTRA £20,000,000 To Be Raised Further Company Taxation (By Telegraph.—Press Assn. —Copyright.) (Received May 2, 11.59 p.m.) CANBERRA. May 2. New taxation was announced by the Federal Treasurer, Mr. Spender. when presenting the Budget in the House of Representatives today. He'said increases, in income tax would vield an extra £4.000,000. of which £3.000,000 would be collected during the next financial year. He pointed out that this would represent about a 50 per cent increase over the whole field.

Exemption from income tax would remain at £250 for single men and £4OO for married men with two children. Two new company taxes would be introduced to provide almost £5.000.000 between them, while the present liuiu tax rates would lie doubled. Sales tax would rise from six pec cent, io S 1-3 per cent., yielding an additional £5,000.000. Increases in Customs and excise duties were expected to produce an extra £5.300.000 and estate duties an extra £500,000. Mr. Spender added that the new taxes affecting business would be described as a wartime company tax and a tax on undistributed profits. Neither of these would apply to the goldmining industry. The estimated additional revenue to be obtained next year by I lie foregoing proposals totals £20.000.000, of which £10.300,000 will be from indirect taxation and £9,700,000 from direct taxation. CANBERRA, May 2. Customs revenue for the past 10 months totalled £7,250,000 above Ibe Budget estimate. Post Office revenue for the year showed a profit of £3,625,371.'