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Tuesday, 16 August 1960

An increase is proposed in the amount upon which the special 20 per cent. depreciation may be claimed in respect of residential accommodation provided for employees, share-farmers and tenants engaged in agricultural, pastoral or pearling activities.

The 20 per cent. allowance is at present available on amounts up to £2,750 expended on housing provided for employees, &c., on agricultural or pastoral properties or in the vicinity of a port or harbour from which pearling operations are conducted. For the 1960-61 and subsequent income years, the 20 per cent. depreciation will apply to expenditure up to £3,250 for each employee, share-farmer or tenant. Expenditure in excess of £3,250 will be subject to depreciation allowance at normal rates. The estimated cost to revenue for a full year is £10,000, but there will be no cost for 1960-61.

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