Second Reading Speech
Mr. Chifley (Macquarie-Prime Minister and Treasurer).-by leave-I move-That the bill be now read a second time.
This bill is also a part of theplan for the establishment of the system of social services contributions. As already indicated, it is proposed that the present income tax shall be separated into two levies, one of which will be a social services contribution. This proposal has necessitated some amendments to the Income Tax Assessment Act and those alterations are embodied in this bill.
Social services contribution will not be paid unless the income exceeds, in the case of a-
| Pd | |
|---|---|
| Taxpayer without dependants | 104 |
| Taxpayer with dependent wife | 156 |
| Taxpayer with dependent wife and one child | 175 |
| Taxpayer with dependent wife and two children | 211 |
| Taxpayer with dependent wife and three children | 257 |
| Taxpayer with dependent wife and four children | 277 |
Income tax will not be paid unless the income exceeds, in the case of a-
| Pd | |
|---|---|
| Taxpayer without dependants | 200 |
| Taxpayer with dependent wife | 266 |
| Taxpayer with dependent wife and one child | 318 |
| Taxpayer with dependent wife and two children | 347 |
| Taxpayer with dependent wife and three children | 380 |
| Taxpayer with dependent wife and four children | 413 |
It is important that I should mention that rebates of income tax allowable in respect of dependants, life assurance premiums, medical expenses, &c., will be preserved. At present, these rebates are calculated at the personal exertion rate appropriate to the taxable income of the taxpayer. It is proposed that the rate at which the rebate is to be calculated shall be increased by the social service contribution rate. In effect, the combined rates of income tax and social service contribution shall be used in determining the rebates of income tax to which taxpayers are entitled.
Mr. MENZIES.-Would it be possible to let us know as soon as possible how much income tax for the financial year 1944-45 is unassessed or uncollected?
Mr. Chifley.-I shall try to get that information for the right honorable gentleman.
Debate (on motion by Mr. MENZIES) adjourned.