Land and Income Tax Amendment Act 1963
Archived legislative commentary on the Land and Income Amendment Tax 1963 from PIB vol 1, Sep 1963.
This commentary item was published in Public Information Bulletin Volume 1, September 1963.
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.