INCOME TAX ACT.
Act No. 14, 1924.
A n A c t to i m p o s e an i n c o m e t a x ; t o m a k e p r o visions for t h e application of r a t e s of t a x
different t o t h o s e a p p l i e d b y tin.' I n c o m e
T a x Act, 1922 ; a n d tor p u r p o s e s c o n n e c t e d
t h e r e w i t h . [Assented to, 14th O c t o b e r , 1924.]
B
E it enacted by tlie Kind's Most Kxeellent Majesty,
by and with the advice and consent of the Legislative Council and Legislative Assembly of JS'cw South
Wales in Parliament assembled, and by the authority of
the same, as follows :—
1 . Tins Act may be cited as the " I n c o m e Tax Act,
1924," and shall be construed with the Income Tax
(Management) Act, 1912, as amended by subsequent
Acts.
Males
Rates
of income
tax.
2 . I n respect of t a x a b l e i n c o m e which has been
received by a n y person d u r i n g t h e period of t w e l v e
m o n t h s e n d i n g on t h e t h i r t i e t h day of J u n e , one
t h o u s a n d n i n e h u n d r e d a n d t w e n t y - f o u r , a n d in e a c h
S u b s e q u e n t year, t h e r e shall be a n n u a l l y levied a n d
paid u n d e r t h e provisions of t h e I n c o m e T a x ( M a n a g e ­
m e n t ) A c t , 1912, as a m e n d e d by s u b s e q u e n t A c t s , a n d
in t h e m a n n e r t h e r e i n prescribed, i n c o m e t a x a t t h e
r e s p e c t i v e r a t e s in this A c t provided.
3 . T h e i n c o m e t a x p a y a b l e b y a n y c o m p a n y s h a l l be
t w o shillings a n d sixpence in t h e p o u n d on t h e a m o u n t
of t h e t a x a b l e income of s u c h c o m p a n y .
4 . (1) T h e i n c o m e t a x p a y a b l e by a n y person o t h e r
t h a n a c o m p a n y shall be as follows : —
(a) W h e r e t h e t a x a b l e income does n o t exceed t w o
h u n d r e d a n d fifty p o u n d s t h e t a x shall be
n i n e p e n c e in t h e p o u n d on t h e a m o u n t of s u c h
i n c o m e , a n d a n addition of o n e - t h i r d of n i n e pence on s u c h of t h e income as is derived from
t h e p r o d u c e of p r o p e r t y .
(b) W h e r e t h e t a x a b l e income exceeds t w o h u n d r e d
a n d fifty p o u n d s t h e t a x shall be a c c o r d i n g to
t h e scale set o u t in t h e S c h e d u l e to t h i s A c t .
(2) I n c o m p u t i n g t h e a m o u n t of i n c o m e t a x
p a y a b l e in a c c o r d a n c e w i t h t h e said S c h e d u l e i n c o m e
d e r i v e d from p e r s o n a l e x e r t i o n shall first b e t a k e n i n t o
account.
SCHEDULE.
SCHEDULE.
Amount of taxable income.
Amount of tax per pound of income.
So much of t h e income as does Ninepence, and an addition of onethird of ninepence on such of the
not exceed two h u n d r e d and
income as is derived from t h e
fifty p o u n d s
produce of property.
So m u c h of t h e income as exceeds Tenpence, and an addition of onethird of tenpence on such of the;
t w o h u n d r e d a n d fifty and
income as is derived from the
does not exceed five hundred
produce of property.
pounds.
So much of t h e income as exceeds Elevenpence and an addition of onet h i r d of elevenpence on such of
five h u n d r e d a n d does not
the income as is derived from t h e
exceed seven h u n d r e d and
produce of property.
fifty pounds.
So m u c h of the income as exceeds One shilling, and an addition of onet h i r d of one shilling on such of
seven hundred and fifty and
the income as is derived from t h e
does not exceed one thousand
produce of property.
pounds.
So much of t h e income as exceeds One shilling a n d one penny, and an
addition of one t h i r d of one
one t h o u s a n d and does not
shilling and one penny on such
exceed one t h o u s a n d five
of the income as is derived from
h u n d r e d pounds.
the produce of property.
So much of the income as exceeds One shilling a n d twopence, and an
one t h o u s a n d five hundred
addition of one-third of one
a n d does not exceed two
shilling and twopence on such of
thousand pounds.
t h e income as is derived from the
produce of property.
So m u c h of t h e income as exceeds One shilling a n d threepence and an
t w o thousand and does not
addition of one third of one
exceed two thousand five
shilling a n d threepence on such
h u n d r e d pounds.
of the income as is derived from
t h e produce of property.
So much of t h e income as exceeds One shilling and fourpence, and an
two thousand five hundred
addition of one-third of one
a n d does not exceed three
shilling a n d fourpence on such of
thousand pounds.
the income as is derived from t h e
produce of property.
So much of the income as exceeds One shilling and fivepence, and an
t h r e e thousand and does not
addition of one-third of one
exceed t h r e e thousand live
shilling and fivepence on such
h u n d r e d pounds.
of the income as is derived from
the product of property.
So much of the income as exceeds One shilling and sevenpence, and
t h r e e t h o u s a n d five hundred
an addition of one-third of one
a n d does not exceed four
shilling and sevenpence on such
t h o u s a n d pounds.
of the income as is derived from
t h e produce of property.
.SCIIKIHMJ-;
Amount of taxable income.
So much of t h e income as exceeds
four t housnnd and docs mil
exceed live thousand pounds.
-cnnliminl.
Amount of tax per pound of income.
Otic shilling and ninopeneo, and
an addilion of one third of one
s 11i 1 ]in 15 and ninopeneo on such
of t h e income as is derived front
the produce of p r o p e r t y .
So much of t h e income as exceeds (Sue shilling and elovi npence, and
five thousand and does not
an addition of one-third of one
exceed
seven
thousand
shilling and elevenpence on such
pounds,
o[ t h e income as is derived ironi
t he produce of property.
So much of the income as exceeds Two shillings, and tin addition of
M'vcn thousand pounds.
one-third of two shillings on such
of the ieeo'ne as is derived from
tile produce of p r o p e r t y .