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Thursday, 28 May 1998
Page: 4193

Mr WARWICK SMITH (Minister for Family Services) (11:30 AM) —in reply—To complete the issue mentioned, this bill is the companion to the one we have just considered, the Film Licensed Investment Company Bill 1998 , and it amends the Income Tax (Assessment) Act 1997 to authorise the 100 per cent tax deduction for amounts paid to subscribe for shares in a film licensed investment company. FLIC shareholders will get a deduction for share subscriptions paid during the period of the licence, and the cost base of their shares will be reduced by the amount of the relevant deduction. The deduction is not allowable until the shares have been fully paid and issued to the shareholders. Obviously, the bill is a necessary companion to give effect to the scheme that was proposed in the principal bill. I commend the bill to the House.

Question resolved in the affirmative.

Bill read a second time.

Mr DEPUTY SPEAKER (Hon. N.M. Dondas) —If no member wishes to consider this bill in detail, I will put the question forthwith. The question is that the bill be reported to the House without amendment.

Question resolved in the affirmative.