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Friday, 2 July 1920

Sir JOSEPH COOK (PARRAMATTA, NEW SOUTH WALES) (Minister for the Navy) - The position is--

Mr J H Catts - Are not Commonwealth loans free of State taxation?

Sir JOSEPH COOK (PARRAMATTA, NEW SOUTH WALES) (Minister for the Navy) - They are, and State loans are free of Federal income tax. I confess that I was not aware of that fact until a few days ago. The question of whether or not incomes so derived are taxable has not yet been decided. It is a constitutional point, and until it has been determined, I cannot say whether they are taxable. Meantime no taxation is being collected in respect of income from State loans.

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