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Newspaper
Gloucester Advocate
Location
Gloucester, New South Wales, Australia
Date
Nov 29, 1940
Page
1
The Treasurer Mr Fadden announced in the House of Representatives a drastic income tax schedule with statutory exemptions vanishing at £300. The new rates will raise tax payable on middle incomes by four to six times, delivering a severe financial blow across households.
The text lists allowances: statutory exemption £150 decreasing £ for £ and vanishing £300, dependants £50 per wife and each child, deduction for state income taxes, personal exertion with rates up to £1500 then 4-100ths penny per £ to 1500, excess 10s per £, and property rate 25 percent higher than personal exertion up to £1200 with excess over 1200 at 105 per £.
Sydney pig prices from Winchcombe Carson Ltd show 1200 pigs sold. Backfatters and parkers fell, baconers steady. Prices ranged for various weights from 1101b to 140lb at 6B to 74, porkers 28/ to 38/ for lighter weights, up to 52/ for 70-901b.
Weekly deductions of the new Federal tax span 25 weeks from January 1 to June 23 inclusive. Deductions vary with dependents and filing status, detailing fixed amounts per dependent and per taxpayer. The text outlines the scheme for calculating weekly withholdings under the new tax plan.
The weekly wage deductions begin January 1 with a tax plan showing figures for a £600 with one dependent losing £1 18s weekly, a £400 earner paying 16s 3d, and a £1000 earner paying 4s 11d. Four shillings per week per dependent is allowed. Lower incomes under £400 would pay £5, with totals of £5,000,000 from sub-£400 earners and £8,000,000 from £400–£1000 earners.
D'Arcy Rose, member for Upper Hunter, cites irrigation as keeping 70 cows on Howkans Estate supplied with feed and fodder, with annual returns around £4. He notes Bowman Estate shows higher potential and warns droughts cripple 700 pumping plants in Singleton, while Glennie’s Creek supply remains waterful enabling irrigation continuity.
In the Legislative Council Mr. C. Sommerlad urged immediate creation of a committee to curb Sydney growth and explore Snowy River water use. He warned against centralising industry and population, proposed decentralising to ease congestion, improve transport and health, and argued for developing secondary industries nationwide. Concerns about 1940 restrictions and future planning were raised as Sydney could reach 2.5 million in 10 20 years.
London reports that Italy’s cooperation with the German Air Force is troubled. Reuters says 18 Italian planes were shot down by British fighters as they crossed to attack Britain, leaving German bombers routed. surviving Italian pilots were allegedly challenged to settle the fight on land, with reports of fatalities in the ensuing confrontation.
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