Section 1 - Income Tax Act 1915 - Income Tax Act 1915

1Income Tax Act 1915

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INCOME TAX.

No. 41 of 1915.

An Act to impose a Progressive Tax upon Incomes.

[Assented to 13th September, 1915.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

This Act may be cited as the Income Tax Act 1915.

Incorporation.

The Income Tax Assessment Act 1915 shall be incorporated and read as one with this Act.

Imposition of income tax.

Income tax is imposed at the rates declared in this Act.

Rate of income tax.

4.—(1.) The rate of the income tax in respect of income derived from personal exertion shall be as set out in the First Schedule to this Act.

(2.) The rate of the income tax in respect of income derived from property shall be as set out in the Second Schedule to this Act.

(3.) The rate of the income tax in respect of the income of a company shall be as set out in the Third Schedule to this Act.

Levy of income tax.

Income tax shall be levied in and for the financial year beginning on the first day of July One thousand nine hundred and fifteen.

THE SCHEDULES.

FIRST SCHEDULE.

Rate of Tax upon Income Derived from Personal Exertion.

For so much of the taxable income as does not exceed £7,600 the rate of tax per pound sterling shall be Threepence and three eight-hundredths of one penny where the taxable value is One pound sterling, and shall increase uniformly with each increase of One pound sterling of the taxable income by three eight-hundredths of one penny.

For every pound sterling of taxable income in excess of £7,600 the rate of tax shall be sixty pence.

The rate of tax for so much of the taxable income as does not exceed £7,600 may be calculated from the following formula:—

R=rate of tax in pence per pound sterling.

I=taxable income in pounds sterling.

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SECOND SCHEDULE.

Rate of Tax upon Income Derived from Property.

(a) For income of a taxable value not exceeding £546 the rate of tax shall be calculated from the following formula:—

R= rate of tax in pence per pound sterling.

I= taxable income in pounds sterling.

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(b) For income of a taxable value exceeding £546 but not exceeding £2,000 the rate of tax shall be calculated in the following manner—

<table cellspacing="0" cellpadding="0" style="width:100%; margin-bottom:0pt; border-collapse:collapse"><tbody><tr style="height:1pt"><td style="width:49.84%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £546........11·713 pence</td><td rowspan="4" style="width:16.8%; height:1pt; writing-mode:tb-rl; border-left:2.25pt solid #000000; padding-right:2pt; padding-left:0.88pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">Equivalent to an average rate of—</div></td><td rowspan="8" style="width:4.92%; height:1pt; writing-mode:tb-rl; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£546......£13 13 8.....6·015 pence</div></td><td rowspan="8" style="width:3.96%; height:1pt; writing-mode:tb-rl; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£600.........16 8 9......6·576 pence</div></td><td rowspan="8" style="width:3.94%; height:1pt; writing-mode:tb-rl; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£700.........22 3 2......7·597 pence</div></td><td rowspan="8" style="width:3.96%; height:1pt; writing-mode:tb-rl; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£800.......28 13 2......8·597 pence</div></td><td rowspan="8" style="width:3.94%; height:1pt; writing-mode:tb-rl; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£900.......35 18 2......9·576 pence</div></td><td rowspan="8" style="width:3.96%; height:1pt; writing-mode:tb-rl; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£1,000.....43 17 9.. 10·533 pence</div></td><td rowspan="8" style="width:3.96%; height:1pt; writing-mode:tb-rl; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£1,500.....93 15 0.. 15·000 pence</div></td><td rowspan="8" style="width:4.7%; height:1pt; writing-mode:tb-rl; border-right:0.75pt solid #000000; padding-right:1.62pt; padding-left:2pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£2,000.. 157 15 7.. 18·933 pence</div></td></tr><tr style="height:1pt"><td style="width:49.84%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £600........12·768 pence</td></tr><tr style="height:1pt"><td style="width:49.84%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £700........14·672 pence</td></tr><tr style="height:1pt"><td style="width:49.84%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £800........16·512 pence</td></tr><tr style="height:1pt"><td style="width:49.84%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £900........18·288 pence</td><td rowspan="4" style="width:16.8%; height:1pt; writing-mode:tb-rl; border-left:2.25pt solid #000000; padding-right:2pt; padding-left:0.88pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">Note.—Amount of tax for taxable incomes of these amounts</div></td></tr><tr style="height:3.15pt"><td style="width:49.84%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £1,000.....20·000 pence</td></tr><tr style="height:15.3pt"><td style="width:49.84%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £1,500.....27·600 pence</td></tr><tr style="height:67.5pt"><td style="width:49.84%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £2,000.....33·600 pence</td></tr></tbody></table>

<table cellspacing="0" cellpadding="0" style="width:109.12%; margin-bottom:0pt; border-collapse:collapse"><tbody><tr style="height:1pt"><td style="width:42.9%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £2,000.....33·600 pence</td><td rowspan="4" style="width:11.96%; height:1pt; writing-mode:tb-rl; border-left:2.25pt solid #000000; padding-right:2pt; padding-left:0.88pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">Equivalent to an average rate of—</div></td><td rowspan="10" style="width:4.52%; height:1pt; writing-mode:tb-rl; padding-right:2pt; padding-left:2pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£2,000.........£157 15 7.........18·9333 pence</div></td><td rowspan="10" style="width:4.52%; height:1pt; writing-mode:tb-rl; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£2,500.........234 12 11..........22·5258 pence</div></td><td rowspan="10" style="width:4.52%; height:1pt; writing-mode:tb-rl; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£3,000..........323 13 7...........25·8944 pence</div></td><td rowspan="10" style="width:4.5%; height:1pt; writing-mode:tb-rl; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£3,500..........422 14 0...........28·9851 pence</div></td><td rowspan="10" style="width:4.52%; height:1pt; writing-mode:tb-rl; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£4,000..........529 14 5...........31·7833 pence</div></td><td rowspan="10" style="width:4.5%; height:1pt; writing-mode:tb-rl; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£4,500..........642 19 7...........34·2921 pence</div></td><td rowspan="10" style="width:4.52%; height:1pt; writing-mode:tb-rl; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£5,000...........760 18 1..........36·5233 pence</div></td><td rowspan="10" style="width:4.6%; height:1pt; writing-mode:tb-rl; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£5,500...........882 2 11..........38·4936 pence</div></td><td rowspan="10" style="width:4.54%; height:1pt; writing-mode:tb-rl; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£6,000........1,005 11 1..........40·2222 pence</div></td><td rowspan="10" style="width:4.42%; height:1pt; writing-mode:tb-rl; border-left:0.75pt solid #000000; padding-right:2pt; padding-left:1.62pt; vertical-align:top"><div style="height:1pt; writing-mode:tb-rl">£6,500.........1,130 4 0...........41·7305 pence</div></td></tr><tr style="height:1pt"><td style="width:42.9%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £2,500.....40·000 pence</td></tr><tr style="height:1pt"><td style="width:42.9%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £3,000.....45·300 pence</td></tr><tr style="height:16.65pt"><td style="width:42.9%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £3,500.....49·600 pence</td></tr><tr style="height:12.6pt"><td style="width:42.9%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £4,000.....53·000 pence</td><td rowspan="6" style="width:11.96%; height:12.6pt; writing-mode:tb-rl; border-left:2.25pt solid #000000; padding-right:2pt; padding-left:0.88pt; vertical-align:top"><div style="height:12.6pt; writing-mode:tb-rl">Note.—Amount of tax for taxable incomes of these amounts.</div></td></tr><tr style="height:13.95pt"><td style="width:42.9%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £4,500.....55·600 pence</td></tr><tr style="height:1pt"><td style="width:42.9%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £5,000.....57·500 pence</td></tr><tr style="height:18pt"><td style="width:42.9%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £5,500.....58·800 pence</td></tr><tr style="height:18pt"><td style="width:42.9%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £6,000.....59·600 pence</td></tr><tr style="height:73.35pt"><td style="width:42.9%; border-right:2.25pt solid #000000; padding-right:0.88pt; padding-left:2pt; vertical-align:top">at a taxable income of £6,500.....60·000 pence</td></tr></tbody></table>