Securing payment Taxation Act Further Amendment Act.-1923. II. the cost of any buildings or improvements erected or made by the lessee on the land leased; and III. the part of any fine, premium, foregift, or amount paid by the lessee for the grant, assignment, or transfer of the lease bearing the same proportion to the whole of such fine, premium, foregift, or amount as the period of the lease unexpired at the time of the assignment or transfer by the lessee, bears to the whole term of the lease or the period unexpired at the time of the assignment or transfer of lease to the lessee, as the case may be; The provisions of this section shall not apply to the assignment or transfer of any lease of Crown Lands occupied for agricultural, horticultural, viticultural, or pastoral purposes; and (b) by inserting after section 23 the following new section: 23A. (1) In addition to any other income tax payable by it, a company shall also pay income tax at the rate of One Shilling in the Pound (which rate shall include the super-tax imposed by any Act incorporated with the principal Act) on-(a) the interest paid or credited by the company to any party who is an absentee, on money raised by debentures of the company and used in South Australia, or on money lodged at interest in South Australia with that company; and (b) interest paid or credited in respect of debentures payable to bearer the names and addresses of the holders of which are not supplied to the Commissioner by the company: Provided that a company shall be entitled to deduct and retain for the use of the company from the amount payable to any of the parties referred to in paragraph (a) of this section such amount as is necessary to pay the tax which becomes due in respect of that amount: Provided also that a company shall be entitled to deduct and retain for the use of the company from the interest payable to any party who is a holder of debentures payable to bearer, an amount which bears the same proportion to the amount paid by the company under paragraph (b) of this section as the interest payable to that party bears to the total interest payable in respect of those debentures: Provided also that if a company pays tax under this section on any interest, and the party entitled to the interest is a party who by reason of the smallness of his income is not liable to pay tax, the Commissioner may refund to such party the amount of tax paid by the company in respect of such Provided interest: Taxation Act Further Amendment Act.-1923. Provided also that if a company pays tax under this section, and the party entitled to the interest is a party liable to pay tax and includes the amount of the interest in his return, the amount of tax paid by the company in respect of such interest shall be deducted from the total tax payable by such party. Provided also that where the total tax payable by any party is less than the amount of tax paid by a company under this section in respect of the interest paid or credited by the company to such party, the difference between the amount of such total tax and the amount of tax so paid by the company shall be refunded by the Commissioner to such party. (2) In this section "Absentee" means a party who does not reside in Australia and includes a party who has been absent from Australia during more than half the financial year in which the income the subject of the assessment was derived, unless he satisfies the Commissioner that he resides in Australia: Provided that no party shall be deemed to be an absentee within the meaning of this section if he is represented in Australia by an attorney or agent to whom the interest mentioned in this section is paid. 13. Section 26 of the principal Act is amended by adding after Amendment of paragraph III. thereof the following new paragraph: principal Act, s. 26Certain deductions Provided cf. Com. Act, 8. 25 (i.). IIIA. Any wastage or depreciation of lease or any loss prohibited. occasioned by the expiration of any lease: that where it is proved to the satisfaction of the Commis- No. 37 of 1922, sioner that any taxpayer (being the lessee under a lease or the assignee or transferee of a lease) has paid any fine, premium, or foregift, or consideration in the nature of a fine, premium, or foregift, for a lease, or a renewal of a lease, or an amount for the assignment or transfer of a lease of premises or machinery used for the production of income, the Commissioner may allow as a deduction, for the purpose of arriving at the income, the amount obtained by dividing the sum so paid by the number of years of the unexpired period of the lease at the date the amount was so paid. 14. Section 36 of the principal Act is amended 1. by striking out the word "and" at the end of paragraph II. by inserting at the end of paragraph (c) thereof the word 66 III. by adding the following new paragraph : (d) the agent for or managing joint-owner of every 15. Part Amendment of principal Act, s. 36. Amendment of principal Act, Part VI. Provisions when tax not paid during lifetime. Cf. Com. Act, No. 37 of 1922, s. 61. Amendment of principal Act, s. 49 Secrets may be communicated to Commonwealth officers. Repeal of s. 100 of principal Act. Amendment of Act 1411 of 1919, s. 4 Super-tax continued for year 1922-23. Taxation Act Further Amendment Act.-1923. 15. Part VI. of the principal Act is amended by adding after section 37 therein the following new section : 37A. The following provisions shall apply in any case where, whether intentionally or not, a taxpayer escapes full taxation in his lifetime by reason of not having duly made full, complete, and accurate returns: (a) the Commissioner shall have the same powers and remedies against the executors and administrators of the taxpayer in respect of the taxable income of the taxpayer as he would have had against the taxpayer in his lifetime: (b) the executors and administrators shall make such (c) the assessment shall be at the rates payable in respect 16. Section 49 of the principal Act is amended by adding at the end thereof the following subsection: (3) Notwithstanding anything contained in this section, the Commissioner or any other person authorised by him so to do may communicate any matter that comes to the knowledge of the Commissioner in the course of his duty or employment whether as an officer of the State or of the Commonwealth, or to the knowledge of any such other person, to any Commissioner, Assistant Commissioner, or Deputy Commissioner of Taxation appointed under any law of the Commonwealth, or any person authorised by them or any of them to acquire information. concerning such matters. 17. Section 100 of the principal Act is hereby repealed. Provisions affecting Incidence of Tax. 18. Section 4 of the Taxation Act Further Amendment Act, 1919 (as amended by section 5 of the Taxation Act Further Amendment Act, 1920, section 2 of the Taxation Act Further Amendment Act, 1921, and section 4 of the Taxation Act Further Amendment Act, Taxation Act Further Amendment Act.-1923. Act, 1922), is further amended by adding at the end of subsection (2) thereof the passage "and in respect of income tax on income for the period of twelve months ended on the thirtieth day of June, nineteen hundred and twenty-three". loans to be taxable. 19. (1) Notwithstanding any provision of any other Act, interest Interest on State derived from any bonds, inscribed stock, Treasury bills, or other and Commonwealth securities whatsoever of the Government of the State or of any authority constituted by or under any law of the State, issued in respect of any loan raised by the State or such authority as aforesaid after the date of the commencement of this subsection, shall be included in the taxable amount of the income of every taxpayer. (2) Subsection (1) of this section shall not commence until a day to be fixed by proclamation. (3) A proclamation fixing the day for the commencement of subsection (1) of this section shall not be made until the Governor is satisfied that there is, or will be on the day to be fixed by the proclamation, a provision in force in every other State of Australia rendering interest on all loans raised by that State or by any authority constituted under or by any law of that State after that day, liable to taxation by that State. (4) Interest received by any party resident in the State and derived from any bonds, inscribed stock, Treasury bills, or other securities whatsoever of the Commonwealth or of any authority constituted by or under any law of the Commonwealth, issued in respect of any loan raised by the Commonwealth or such authority as aforesaid after the date fixed by proclamation for the commencement of section 4 of the Act of the Commonwealth Parliament No. 30 of 1923, being the Taxation of Loans Act, 1923, shall be deemed to be income accruing in the State, and shall be included in the taxable amount of the income of the party receiving the same. (5) A party, being a natural person, shall be resident in the State for the purpose of subsection (4) of this section if his ordinary residence at the time when he received the interest is in the State. (6) In this section loan includes a conversion loan and a loan raised for the redemption or repayment of an existing loan. (7) The tax payable by any absentee on any interest derived as mentioned in subsection (1) of this section shall in all cases be at the rate of One Shilling in the Pound (which rate shall include the super-tax imposed by any Act incorporated with the principal Act), and may be deducted by the Treasurer of the State from the amount of the interest payable to the absentee. (8) In this section "Absentee Absentee" means any party who does not reside in Australia, and includes a party who has been absent from Australia during more than half the financial year in respect of which the interest was payable, unless he satisfies the Commissioner that he resides Prosecution may be commenced within three years. Regulations. Joint forms may be prescribed. Omitted amounts of income may be included in subsequent assessment. Taxation Act Further Amendment Act.-1923. resides in Australia: Provided that no party shall be deemed to be an absentee within the meaning of this section if he is represented in Australia by an attorney or agent to whom the interest mentioned in subsection (1) of this section is paid. Miscellaneous Provisions. 20. A prosecution for any offence against the principal Act or any Act incorporated therewith may be commenced at any time within three years after the happening of the circumstances alleged to constitute such offence. 21. In addition to the power to make regulations conferred upon the Governor by the principal Act or any Act incorporated therewith, the Governor may make regulations prescribing any matters which are necessary or convenient to be prescribed for giving effect to any Agreement entered into pursuant to section 4 of this Act. 22. Any return or form prescribed by regulations under the principal Act or any Act incorporated therewith may contain such matters as are required by the Commissioner for the purpose of the administration of the laws of the Commonwealth relating to the imposition, assessment, and collection of income tax. 23. (1) If the whole or any portion of the taxable amount of the income of any taxpayer is not included in an assessment in any year, the Commissioner may include such whole or portion in the assessment of the taxable amount of the income of such taxpayer for a subsequent year. (2) This section shall not affect any penalty or liability incurred by such taxpayer by reason of any such omission. In the name and on behalf of His Majesty, I hereby assent to Adelaide: By authority, R. E. E. ROGERS, Government Printer, North Terrace, |