Land and Income Tax (Annual) Act 1971

This commentary item was published in Public Information Bulletin Volume 65, February 1972

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This Act fixes the rates of land tax, income tax, excess retention tax and bonus issue tax for the year ending 31 March 1972.

The rates of income tax for companies, land tax, excess retention tax and bonus issue tax remain unchanged from those in force for the year ended 31 March 1971.

For individuals the rates of income tax which came into force on 1 April 1971 - the new scale with a maximum of 50% at $12,000 apply. The 3 1/3% surcharge in force last year also applies.