12. (1) Save as provided in this section, the assessable income chargeable to Salaries and Annuities Tax for any year of assessment shall be the income of the recipient as defined in Section 10 arising in the year preceding the year of assess- ment : Provided that for the year of assessment 1947/48 a person assessable to Salaries and Annuities Tax, by giving notice in writing to the Commissioner on or before the thirty- first day of March, 1949, may require that his assessment be adjusted to the income as defined in Section 10 arising during that year of assessment.
(2) Where a person commences to receive income chargeable to Salaries and Annuities Tax on a day within a year of assessment, his assessable income for that year of assessment shall be his income arising in the period from such. day to the end of the year of assessment.
(3) Where a person has commenced to receive income. chargeable to Salaries and Annuities Tax on a day within the year preceding the year of assessment, his assessable income for that year of assessment shall be his income arising in one year from such day.
(4) Where a person ceases to receive income chargeable to Salaries and Annuities Tax his assessable income for the year of assessment in which the cessation occurs shall be his income arising in the period beginning on the first day of April in that year and ending on the date of cessation.
Ascertain- ment of assessable income
13. Before arriving at the net chargeable income of Allowances. an individual assessable to tax under this Chapter, there shall be deducted from his assessable income the following:-
(a) the allowances provided under Section 43; and (b) any outgoings and expenses wholly exclusively and necessarily incurred in the production of that income.
14. Salaries and Annuities Tax shall be charged for each year of assessment upon the net chargeable income for that year calculated as provided by sections 10 to 13 at the follow- ing rates-
(a) Upon the first five thousand dollars at one-quarter of the standard rate.
(b) Upon the next five thousand dollars at one-half of the standard rate.
(c) Upon the next five thousand dollars at three-quarters of the standard rate.
rate.
(d) Upon the next five thousand dollars at the standard
(e) Upon the next five thousand dollars at the standard rate plus one-quarter thereof.
(f) Upon the next five thousand dollars at the standard rate plus one-half thereof.
(g) Upon the next five thousand dollars at the standard rate plus three-quarters thereof.
(h) Upon the remainder at twice the standard rate.
Provided that where an individual is liable to tax under this Chapter for a part only of any year of assessment, the sums under (a), (b), (c), (d), (e), (f) and (g) of this section shall be reduced in the proportion which the number of days during which he is so liable bears to the number of days in
Rates of Salaries and Annuities
Tax.
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