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Tuesday, 30 November 1965


Mr BOWEN (Parramatta) . - move -

That the Following new clause be inserted in the Bill:- "28a. Section 121ba of the Principal Act ii amended -

(a)   by omitting from sub-section (4.) the words the Commissioner is satisfied that'; and

(b)   by omitting from sub-section (4.) the words and that that income' and inserting in their stead the words ' and that income '.".

This amendment provides for section I21ba of the principal Act to be amended and again in the same respect eliminates one of the discretions of the Commissioner and makes the matters referred to in that section depend upon the true facts and not upon the Commissioner's opinion. Section 12 Iba deals with the income of superannuation funds in Division 9b. It is a related topic and is a consequential amendment which was needed to be made in the principal Act after the earlier amendments were put forward in order to make the rest of the existing Act consistent with those amendments.

I commend to the Committee the insertion of proposed new clause 28a in the Bill in order to effect this amendment to section 121ba of the principal Act.

Proposed new clause agreed to.

Clauses 29 to 41- by leave - taken together, and agreed to.

Clause 42. (1.) The amendments made by paragraphs (b) and (c) of section 13 of this Act apply in relation to dividends (other than dividends declared by a company on or before the tenth day of June, One thousand nine hundred and sixty-five) that were or are satisfied by the issue, after that date, of shares in the company. (2.) The amendment made by paragraph (a) of section 7 of this Act applies to assessments in respect of income of the year of income that commenced on the first day of July, One thousand nine hundred and sixty-four, and in respect of income of all subsequent years of income. (3.) The amendments made by section 5, paragraph (b) of section 7 and section 9, 16, 17 and 19 to 26 (inclusive) of this Act apply to assessments in respect of income of the year of income that commenced on the first day of July, One thousand nine hundred and sixty-five, and in respect of income of all subsequent years of income. (4.) The amendment made by section 32 of this Act applies to assessments for the year of tax that commenced on the first day of July, One thousand nine hundred and sixty-five, and for all subsequent years of tax.







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