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Monday, 23 September 2002
Page: 4598

Debate resumed from 19 September, on motion by Senator Coonan:

That these bills be now read a second time.

upon which Senator Ludwig had moved by way of an amendment in respect of the Proceeds of Crime Bill 2002:

At the end of the motion, add:

“but the Senate:

(a) notes that the courts have recently affirmed the principle that a drug dealer may be allowed a tax deduction where the proceeds from illegal drug dealing are stolen;

(b) further notes that this treatment effectively frees from tax the proceeds of illegal drug dealing;

(c) confirms that this grave matter was brought to the attention of the Parliament more than 2 years ago by Labor;

(d) condemns the Treasurer for his inaction in attacking drug dealing by allowing this anomaly to stand for years; and

(e) calls on the Government to amend the taxation law to ensure criminals and drug dealers are no longer able to claim a tax deduction where the proceeds of drug deals are stolen”