AUSTRALIA AND THE WAR.

Gisborne Times, Volume XLV, Issue 4008, 14 August 1915, Page 5

AUSTRALIA AND THE WAR.

FEDERAL INCOME TAX. BILL. SCALE UP TO 53 IN THE £. OUTLOOK IN THE COMMONWEALTH. ■MELBOURNE, Aug. 13.In tho House of Representatives Mr Hughes obtained leave to introduce the Federal Income Tax Bill. As foreshadowed, it will provide a graduated tax ranging from 3d to os in the pound. He promised to give details at the second reading to-day. In his Budget speech AlrfFisher said lie estimated that the naval expenditure for 1915-16 would total £7,289,450. The principal item was live and a-lialf millions for the hire of transports. Tho war expenditure was estimateu at £38,400,000. Tho amount already borrowed from the British •Government is £l.O, .100,000. leaving £8,400,000 still to he borrowed. Oi eighteen million borrowed oil behalf ot the'States they have already received £12,125,000. Tlie Premier reviewed the war up to the 6th August. Australia had equipped and sent 76,500 troops to the front, and 5300 reinforcements were being sent monthly. For October and November tin's number would be doubled. Over 40,000 were in camps training. r l lie total casualties were 1.3,970. A large proportion of the .sick and wounded will be able to rejoin the troops. The outlook throughout the Commonwealth, excepting over the greater part of Queensland, where the rain i- below normal, is vory .favorable. 4 no estimated wheat area was in. tlie vicinity of 13V million acres. _ With lavoidable weather there slmiiid he a record crop. Regarding the Income 'lax. he explained that the exemption ot C'loO would be gradually abated as I lie incomes increased, rill they would disappear when the income was 14000. There would he an additional exemption of £l3 for every child under the ago of ] 6 years, irrespective or income. Companies would bo taxed only on undistributed profi ts.