Amendment of principal Act, s. 19— New rates of tax. Taxation Act.-1925. (ii.) that a taxpayer liable as aforesaid is by reason of age, infirmity, loss, or other cause so situated that the exaction of the full amount of income tax would entail serious hardship; or (iii) that owing to the death of a person who, if he had lived. would have paid income tax, the dependants of that person are in such circumstances that the exaction of the full amount of tax would entail serious hardship, he may release the taxpayer or the executor or administrator of the deceased person (as the case may be) wholly or in part from his liability, and may make such entries, alterations, and amendments as may be necessary to give effect to such release. 5. Section 19 of the principal Act (as enacted by the Taxation Act Amendment Act, 1918) is hereby repealed and the following section is hereby enacted in lieu thereof : 19. (1) The income tax on income derived from personal exertion shall be at the following rates: (a) For so much of the whole taxable amount of income (2) The income tax on income consisting of the produce of property shall be at the following rate : (a) For so much of the whole taxable amount of income consisting of the produce of property as does not exceed Four Thousand Two Hundred Pounds, the rate of tax per Pound sterling shall be Eleven Pence and One Two-hundredth of a Penny where the taxable income is One Pound sterling, and shall increase uniformly with each increase of One Pound sterling of the taxable income by One Two-hundredth of a Penny. (b) For every Pound sterling of the taxable amount of income consisting of the produce of property in excess of Four Thousand Two Hundred Pounds, the rate of tax shall be Thirty-two Pence. th Al (3) Notwithstanding Taration Act.-1925. (3) Notwithstanding anything contained in this Act, the income tax payable by any male person residing in South Australia (a) who on the last day of the period for which the income (b) the net amount of whose income (before making the shall be One Pound Five Shillings, in addition to any other (4) In the case of the income of a taxpayer being a company carrying on the business of life insurance, the income tax payable on such income shall be at one-half the rates provided for by this section. 6. Section 26 of the principal Act is amended (a) by striking out paragraph v. thereof; and VII. Any debts except bad debts proved to be such Amendment of principal Act, s. 26Deduction for bad debts. 7. Part V. of the principal Act is amended by inserting after Amendment of section 26 therein the following section :- principal Act, 26A. In calculating the taxable amount of income there may Deduction for be deducted by the taxpayer (i.) Sums expended by the taxpayer during the year in repairs, depreciation, etc. Cf. Commonwealth Act, No. 37 of 1922, s. 23. Taxation Act.--1925. (ii.) Such sum as the Commissioner thinks just an reasonable as representing the diminution in valu per centum by wear and tear during the year in which the income was derived of any machinery implements, utensils, rolling-stock, and articles (including beasts of burden and working beasts used by the taxpayer for the purpose of producing income, such wear and tear not being of a kind that may be made good by repairs; or at the option of the taxpayer, signified by written notice to the Commissioner within one month after the coming into operation of this Act, in the case of machinery, implements, utensils, rolling-stock, and articles in use for the production of income on the first day of July, nineteen hundred and twenty-four, a sum equal to ten per centum of the cost price of such machinery, implements, utensils, rolling-stock, and articles in each year for a period of ten years: Provided that should the taxpayer dispose of such machinery, implements, utensils, rolling-stock, and articles, the total sum to be allowed as a deduction under this provision shall be reduced by the amount received for the sale or transfer of such machinery, implements, utensils, rolling-stock, and articles. Provided that (a) Where a deduction has been allowed during the (b) In any case in which machinery, implements, that Taxation Act.--1925. that the circumstances are such that a de- (iii.) The annual sum necessary to recoup the expenditure 8. Part VI. of the principal Act is amended by inserting after Amendment of section 39 thereof the following sections: 39A. (1) Where a company is being wound up the public officer of that company shall give notice of the winding up to the Commissioner within fourteen days after the approval of the shareholders for the winding up has been given, or the order for the winding up has been made. (2) Any public officer who fails to comply with this section shall be guilty of an offence against this Act, and shall be liable to a penalty not exceeding Fifty Pounds. principal Act. Notice by public officer of liquidation of company. 39B. (1) Where an agent or attorney for a party permanently Notice of winding up or temporarily absent from the State has been required by his absent principals. principal to wind up the business of his principal, he shall, before taking any steps to wind up the business, notify the Commissioner of his intention so to do, and he shall set aside such sum out of the assets of the principal as appears to the Commissioner to be sufficient to provide for any income tax that becomes payable. (2) An agent who fails to give notice to the Commissioner or fails to provide for payment of the tax as required by this section shall be personally liable for any income tax that becomes payable in respect of the business of the principal. (2) 9. Subsection (2) of section 52 of the principal Act (as enacted Amendment of by section 7 of the Taxation Act Amendment (Miscellaneous principal Act, s. 52 Provisions) Act, 1917, and amended by the Schedule to the Taxation Consequential Act, 1924) is amended by striking out the word "interest" in the amendment. seventh line thereof and inserting in lieu there of the word "fine." 10. Section 80 of the principal Act is amended by adding at the Amendment of end thereof the following subsection: principal Act, s. 80Time of setting (5) Any appeal which has not been set down for hearing down appeals. within twelve months after the giving of any general or particular Amendment of Taxation Act.-1925. particular notice of any assessment or of any altered, corrected, or additional assessment, shall be deemed to have been withdrawn, and the Court shall not have jurisdiction to determine such an appeal. 11. Section 10 of the Taxation Act Amendment Act, 1918, is 1337 of 1918, s. 10-amended by adding at the end of subsection (1) thereof the following Commonwealth tax. proviso: Tax on refunds of Provided that when a taxpayer receives a refund of the whole or any part of the taxes mentioned in this section the amount of such refund shall be brought into account as income in the year in which the refund is received. In the name and on behalf of His Majesty, I hereby assent to Adelaide: By authority, R. E. E. ROGERS, Government Printer, North Terrace |