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Wednesday, 20 May 1936

Senator PAYNE (Tasmania) .- I accept the Minister's assurance, but I am afraid that the explanatory notes do not quite bear out what he has just said. The section to which he has directed attention provides that for the purpose of ascertaining the taxable income of a life assurance company, " there shall be ex- cluded from the assessment" certain amounts which include "all expenditure exclusively incurred in gaining those premiums ". The clause states that such expenditure shall not be an allowable deduction.

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