COMPANY TAXES

Hokitika Guardian, 30 August 1930, Page 3

COMPANY TAXES

CRUSHING EURDEN IN ' AUSTRALIA. SYDNEY, August 14. In Australia these haul times it is a common joke for people to saj that the whole of their earnings have been iriortgaged to' the tax eollectois, Of these are so many. It is reniai kable that taxpayers can take tlie position so philosophically, but this only goc.-. to emphasise the characteristics of Australians who seem determined to win their way through to a hrightei future.

At the same time it came as serious blow to the shareholders q'l Mart’s Dork and Engineering Compafiy of-Sydney, to learn at the annual meeting the other day that while the year s operations had' provided no dividend for their investments tlie tax-gathers had done very well indeed out of, the business.' Of course-p it is patent to all that engineering firms, and those, who are in any way associated with shipping activities, are havig a very lean time, but Mort’s shareholders could hardly have expected such a small return.

The chairman of the company, Sir Kelso King, su*id that in the year ended June 30 the company . liad“had only succeeded in earning sufficient to pay the rates' to:the Municipal Council, tin taxation on the previous year's-•profits, to tlie Commonwealth and State Commonwealth Governments.” 'These totalled £18,868, * and only £793' 19s 4d remained' to be added to the balance 'to be carried forward.' In other, words, the shareholders received no dividend, but the company paid out of its gross revenue the.following 1

Federal taxes, land and income 4267 State taxes ... ... ... 6344Family endowment tax ... .... 3600 Municipal rates SL73 Water rates ...... 800 Harbour Trust charges ... 189 ; These figures are. interesting as giving some idea of what the big public companies in Australia are up against. The •position of Mort’s company , is not unique, hut may be taken as typical Ts it any wonder, then, that there has been such n united protest against increased txation. And yet little heed has been taken of the protest. In the previous year Mort’s .paid £14,341 under the headings enumerated above.