AUSTRALIA’S LOWER TAX MADE RETROSPECTIVE

Grey River Argus, 6 September 1948, Page 5

AUSTRALIA’S LOWER TAX MADE RETROSPECTIVE

CANBERRA, Sept. 1 The lower rates of income tax approved by the Federal Parliamentary Labour Party will be retrospective to July 1 and the reduced deductions from wages and salaries will begin on the first pay-day in October, if the Taxation Commissioner and the Government Printer can print and distribute the new schedule of deductions before then. (( The effect of this under the pay-as-you-go” taxation is that taxpayers will pay income tax at the present rate for three months and at the le** duced rate for nine months. Their over-payment will be refunded to them when the full taxes for the year have been assessed. Opposition members and taxation experts are already condemning the Federal Government’s budget concessions as “hopelessly inadequate.to meet the rising cost of living. They say that though the income tax cuts total £29.000,000, they will be offset by the 15 per cent, rise m living costs • • ' Most authorities regard this rise as inevitable, as it is linked with th,, withdrawal of Federal subsidies on wool, imported textiles, potatoes and coastal shinning freights, estimated at 500 000 yearly. Not less important arei the full effects of the general adoption of the 40hour week and the easing of controls on puces, rents, and land sales.