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Friday, 30 October 1964


Senator McKENNA - I do not think it is used.


Senator Wright - We should have the words that are used in the Income Tax and Social Services Contribution Assessment Act.


Senator McKENNA - The Minister put before us a little while ago the words that are used in the income tax measure. " By way of gratuity " and " retiring allowance " were two of the terms I have in mind.


Senator Gorton - I did not give the definition of a retirement allowance.


Senator McKENNA - No, but reference was made to the terms " retiring allowance " and "gratuity". If the Government at this point of time described the payment, it would be sufficient. At present it is merely mentioned as a payment without any description.


Senator Wright - All you would need would be a provision that this was to be paid by way of retirement allowance?


Senator McKENNA - That is the suggestion I am making. Then the Commissioner of Taxation would know what was intended. I suggest that it should be put beyond all doubt. Frankly, I think the Government is making a mistake in not endeavouring to put the matter beyond all doubt.







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