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Thursday, 12 December 1996
Page: 7423

Senator COOK(9.32 p.m.) —I move:

(1)   Schedule 1, page 15 (after line 9), at the end of the Schedule, add:

Part 7—Deductions allowable to co-operative companies

1 At the end of section 120


(3)   It is hereby declared to be the intention of the Parliament that paragraph (1)(c) applies to loans taken out for the purpose of acquiring assets from:

   (a)   government sources; or

   (b)   non-government sources.

This is an amendment to part 6A, relating to deductions allowable to cooperative companies. It seeks to clarify the meaning of the act. We have just defeated the government's amendment to the bill relating to cooperative companies. Mr Howard, representing the Co-operative Council of Australia and the Cooperative Federation of Queensland, in his opening summation to the hearing referred to the interpretation that is being placed on the act and sought clarification of that interpretation. His words were:

As a point of clarification, I draw attention to the section of the act that refers to acquisition of assets, which quite clearly says `or'—it can be from the government `or' somewhere else.

The point is clear enough. It is a question of making explicit the meaning of the act, because it seems that the act is being interpreted differently.