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Thursday, 9 July 1998
Page: 5302


Senator TROETH (9:41 AM) —Senator Murray, under this arrangement we are asking the wheat growers to pay tax only when the shares are realised. That is the point at which they will pay tax, but they pay tax only if they realise the value of their shares.


Senator Murray —If they sell them?


Senator TROETH —If they sell them, that is correct. Your amendment will make that sale tax free and, in line with the tax obligations of every other member of the community, we do not regard that as an equitable arrangement. That is why we are not supporting the amendment.