Title INCOME TAX BILL (No. 2) 1941
Database House Hansard
Date 17-12-1941
Source House of Reps
Parl No. 16
Electorate Lilley
Interjector CHIFLEY, Ben
Speaker JOLLY, William
System Id hansard80/hansardr80/1941-12-17/0154

INCOME TAX BILL (No. 2) 1941

Mr JOLLY (Lilley) .- I should like to learn from the Treasurer (Mr. Chifley) whether the rate of1s. will apply generally to both private and public companies?

Mr Chifley - Yes.

Mr JOLLY - The condition with respect to the deduction of federal income tax will not apply in this case ?

Mr Chifley - That is so.

Mr JOLLY - The provision in regard to the deduction of State income tax and State development tax will apply?

Mr Chifley - Yes.

Mr JOLLY - Not only companies but also, indeed, a number of private persons, will be greatly embarrassed, particularly this year, by having to meet this heavy impost. The incomes of private individuals and the profits of companies will have been considerably reduced by reason of the fact that they have had to meet heavy income tax assessments. Many of them will not have the means to meet this additional call, and naturally will have to adopt measures to acquire it. I have heard it stated that a limitation has been placed on banking institutions in regard to the allowance of overdrafts for the purpose of making income tax payments. Some persons or companies may have considerable assets, but no funds upon which they may call. How are they to meet their income tax, if their arrangements with respect to bank overdrafts are to be limited?

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