Land and Income Tax Amendment Act 1963

This commentary item was published in Public Information Bulletin Volume 1, September 1963.

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The Amendment Act sets out the new PAYE tax deduction tables which operate as from 1 October 1963. These tables are based on a 10 percent rebate of ordinary income tax with a maximum reduction of £100. Application of these tables for the second six months of the current income year and the replaced tables for the first six months of the year will result in a rebate of 7 1/2 percent (with a maximum of £75) for the whole of the current income year.

Last year the PAYE tables were changed from 1 October 1962 to incorporate a 5 percent rebate, which was also back-dated to 1 April 1962 by adjustment after 31 March 1963 (on receipt of tax returns). This year the increased rebate has not been back-dated to 1 April 1963.

It should be noted that the secondary employment and extra emolument rate has been reduced (under Section 3 of the Amendment Act) from 4/6 to 4/3 in £. In addition the new flat rates for shearers' earnings in excess of £4 per day are set out in Appendix B of the schedule to the Amendment Act.

A No. 2 Amendment Act will cover remaining Budget proposals and other amendments.