Explanatory Memorandum(Circulated by authority of the Treasurer, the Rt. Hon. Harold Holt.)
The main features of the Resolution and Bill are -
1. That the rates applicable for last financial year 1959-1960 on incomes of the year ended 30th June, 1960 shall continue to apply for the current financial year 1960-1961, that is, to income of the year ending 30th June, 1961.
(Note: The rebate of 5% allowed last year is not being re-enacted.)
2. That the primary rates of tax payable by companies in assessments for the current financial year 1960-61 (based on income of the year ended 30th June, 1960) shall be six pence in the Pd above the rates for last financial year.
(Note: The rate of 10/-in the Pd payable on insufficient distributions by private companies is not being altered.)
3. That the exemption level for persons qualified by age - 65 years in the case of men and 60 years in the case of women - shall be increased from Pd429 to Pd442 and that, in the case of married couples, both satisfying the age qualification, the exemption point be raised from Pd858 to Pd884.
4. That the income tax deduction for gifts of Pd1 and upwards shall be available for gifts to seven additional organizations to be specified in the Act.
5. That the deduction of Pd10.10.0. at present available for subscriptions paid to associations shall be increased to Pd21.
6. That the maximum amount upon which the special depreciation of 20% is allowable in relation to residential accommodation provided for employees, tenants and share-farmers engaged in agricultural, pastoral or pearling activities shall be increased from Pd2,750 to Pd3,250.
7. That the exemption of 20% of the profits from mining prescribed metals and minerals shall be continued indefinitely.