WAR-TIME PROFITS TAX.

No. 34 of 1917.

An Act to impose a Tax upon Profits.

[Assented to 22nd September, 1917.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows :—

Short title.

1. This Act may be cited as the War-time Profits Tax Act 1917.

Duration.

2. This Act shall cease to have effect on a date to be fixed by Proclamation.

Incorporation.

3. The War-time Profits Tax Assessment Act 1917 shall be incorporated and read as one with this Act.

Imposition of war-time profits tax.

4. War-time profits tax is imposed on the war-time profits liable to tax under the War-time Profits Tax Assessment Act 1917 arising from any business at the-following rates, namely:—

(a) on the war-time profits arising in the financial year ending at the thirtieth day of June One thousand nine hundred and sixteen—fifty per centum of those profits ;

(b) on the war-time profits arising in each succeeding financial year—seventy-five per centum of those profits.