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.