Land and Income Tax Amendment Act 1972

This commentary item was published in Public Information Bulletin Volume 69, September 1972

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Public Information Bulletin No. 69 - September 1972 (PIB No 69)

Land and Income Tax Amendment Act 1972

This Act was passed immediately following the Budget to give effect to the Budget proposals for-

• A 10 percent rebate from tax deductions from primary employment, secondary employment and shearers' earnings after 1 July 1972.
• Abolition of all tax codes other than "S", "M" or "No Declaration" as consequence of the proposed repeal of the child exemption and the withdrawal of the dependent relative exemption for tax code purposes.

Note: The actual repeal of the child exemption and the new PAYE deduction tables are contained in the No 2 Act discussed later.

The 7 1/2 percent annual rebate from personal income tax is in the Annual Act also discussed later.