Rate of income tax.

Provided that the tax payable in respect of a pastoral lease shall be at the rate of twopence for every pound sterling

(i) of a sum equal to twenty times the amount of the annual rent reserved by the lease;

or

(ii) if the lessee has applied for a new lease under subsection four of section thirty of the Land Act Amendment Act, 1917, and such application has been approved, or if the lessee has, under the provisions of the Land Act Amendment Act, 1918, paid double rent in respect of his holdings, of a sum equal to twenty times the amount of the annual rent payable or paid by the lessee; and

(2) An income tax on the income chargeable of all taxpayers at the rates prescribed by section three of this Act.

3. (1) When the whole of the income chargeable of a taxpayer does not exceed £6,672 the rate of tax per pound sterling shall, subject as hereinafter provided, be 2.007 pence where the income chargeable is £101 sterling, and shall increase uniformly with each increase of one pound sterling of the income chargeable by 007 of one penny. Such rate of tax may be calculated from the following formula :

When the whole of the income chargeable of a taxpayer exceeds £6,672, the rate of tax for every pound sterling thereof shall be forty-eight pence.

of any person is

(2) Where the "income chargeable less than one hundred and one pounds the rate of tax shall be twopence in the pound.

(3) Provided that for the year ending the thirtieth day of June, One thousand nine hundred and twenty-eight, the rate of tax to be levied as aforesaid on the income chargeable shall be reduced by thirty-three and one-third per centum.

payable.

4. The minimum amount payable by any taxpayer for Minimum land tax or income tax shall be two shillings and sixpence.

dividends.

5. (1) If the income chargeable of any person, together Income from with income received by him in respect of the dividends of a company subject to duty under the Dividend Duties Act, 1902, amounts during the year ending the thirtieth day of June, One thousand nine hundred and twentyseven, to such a sum as if it were all income chargeable would be liable to income tax at a rate exceeding one shilling and threepence for every pound sterling thereof, income tax shall be payable by such person on the amount of such aggregate income, but he shall receive credit for the duty payable under the Dividend Duties Act, 1902, in respect of his income derived from a company as aforesaid.

(2) If any person not in receipt of any income chargeable is, during the year ending the thirtieth day of June, One thousand nine hundred and twenty-seven, in receipt of income derived from dividends within the meaning of the Dividend Duties Act, 1902, and such income, after all deductions allowed by law, exceeds the sum which under this Act would be chargeable as income at a higher rate of tax in the pound than one shilling and threepence, such person shall be liable to pay income tax on such income, but such person shall receive credit for the amount of duty payable in respect of such income under the Dividend Duties Act, 1902:

Provided that in any assessment made under this section a deduction shall be allowed for interest incurred by the person in the production of the income derived from dividends.

6.

amount

No. 15, not to

Section fifty-five of the Land and Income Tax Assess- Section 55 of 1907, ment Act, 1907, shall not apply to the land tax or income apply. tax to be levied and collected for the financial year ending the thirtieth day of June, One thousand nine hundred and twenty-eight.

BRIDGETOWN LOT 39a.

18° GEO. V., No. XIX.

No. 19 of 1927.

Short title

Vesting of land.

AN ACT to vest Bridgetown Lot 39a in the Bridgetown
Road Board, discharged from any trust.

[Assented to 22nd December, 1927.]

E it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:

1. This Act may be cited as the Bridgetown Lot 39a Act, 1927.

2. Bridgetown Lot 39a, of which the Bridgetown Road Board is the registered proprietor, is hereby vested in the said Board freed and discharged from any trust:

Provided that the Board shall not transfer the land, or lease the land for any term exceeding three years, without the consent of the Governor.

UNIVERSITY ENDOWMENT.

18° GEO. V., No. XX.

No. 20 of 1927.

AN ACT to amend the University Endowment Act, 1904.

[Assented to 22nd December, 1927.]

E it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:

1. This Act may be cited as the University Endowment short title. Act Amendment Act, 1927, and shall be read as one with the University Endowment Act, 1904, and the University of Western Australia Act, 1911.

2. Subject as hereinafter provided, it shall be lawful Power to sell. for the University of Western Australia, with the consent of the Governor, to sell any land granted or demised to the Trustees of the University Endowment or to the University of Western Australia by way of permanent endowment, and to transfer such land to a purchaser freed and discharged from any trust:

Provided that the proceeds of sale shall be applied to the purchase of other land, or the purchase and improvement by the erection of buildings or otherwise of other land, or the improvement as aforesaid of land already owned by the University:

Provided also that land and buildings so acquired by investment of the proceeds of the sale of endowment lands, shall be held and used for revenue producing purposes as permanent endowment, upon the same trusts as the endowment lands are held.

CLOSER SETTLEMENT.

18° GEO. V., No. XXI.

Short title.

The Board.

No. 21 of 1927.

AN ACT relating to the Acquisition and Disposal of Land for Closer Settlement.

B

[Assented to 22nd December, 1927.]

E it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:

1. This Act may be cited as the Closer Settlement Act, 1927.

2. (1.) For the purpose of carrying out the provisions of this Act, there shall be a Board consisting of three members, to be appointed by the Governor, and to be known as The Land Acquisition (Closer Settlement) Board, hereinafter referred to as the Board.

(2.) One member of the Board shall be an officer of the Department of Lands and Surveys, and one member shall be an officer of the Agricultural Bank. The third member shall be a practical farmer having local knowledge of the matters under inquiry for the time being, and not in the public service otherwise than as a member of the Board.

(3.) Each member of the Board shall hold office for such period as the Governor may direct, and may receive such fees as are prescribed.

(4.) One of the members of the Board shall be appointed by the Governor as chairman.