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Wednesday, 3 November 1976
Page: 2266

Mr KING (WIMMERA, VICTORIA) - I wish to direct a question to the Minister for Primary Industry. I draw his attention to the earlier announcement by the Treasurer regarding income equalisation deposits. I ask: Is the Minister in a position to indicate to the House why the proposed legislation has not been introduced? Are there any specific reasons for the delay and will the scheme still apply to the year 1975-76? If so, will the Minister indicate the possible programming of the legislation so that those who are desirous of using income equalisation deposits will be able to plan accordingly?

Mr SINCLAIR -As with a number of Bills that flow from the Budget, it has not yet been possible to introduce this legislation or to pass it through the 2 Houses of the Parliament. I expect that the legislation for the income equalisation deposits will be introduced within the next 3 sitting weeks, if that is at all possible, but certainly before the House rises. In accordance with the Treasurer's Budget undertaking, the scheme will apply to 1975-76 income. The details and parameters of entitlement in accordance with the legislation will be made known on its introduction.

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