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Thursday, 29 September 1927

The budget estimate for income tax is £9,800,000 being £1,326,278 less than the collections last year. The Government proposes to amend the income tax law to provide for the following concessions: -

(1)   Reduction of 10 per cent. in taxes on individuals.

(2)   Trading or business losses actually incurred to be allowed as deductions for income tax purposes until such losses are recouped by subsequent profits within a limit of five years. This will specially benefit primary producers.

(3)   Donations to universities, and gifts in kind as well as in cash to public charitable institutions to be allowed as deductions, and the scope of the words " Public Charitable Institution " to be widened.

(4)   To encourage closer settlement, certain expenditure incurred by a primary producer in making his land fully productive, or in maintaining the productivity of the land, is to be allowed as a deduction.







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