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Thursday, 25 May 1972
Page: 2077


Senator COTTON (New South WalesMinister for Civil Aviation) - I move:

That the Bill be now read a second time.

With the concurrence of honourable senators I incorporate my second reading speech in Hansard.

This Bill is complementary to the Income Tax Assessment Bill (No. 3)1972 and will effect minor technical amendments to section 15 of the Income Tax (International Agreements) Act. For the purpose of implementing provisions of double taxation agreements which require us to allow tax credits, it is necessary to ascertain the amount of Australian tax payable on the relevant part of a taxpayer's income. Section15 spells out the method by which this is to be done and refers, among other things, to rebate entitlements under section 46 of the Income Tax Assessment Act.

As a consequence of the proposal to have an extra provision - section 46a - in that Act to govern rebates on dividends arising from dividend stripping operations, references to the new provision will need to be incorporated in section15 of the Income Tax (International Agreements) Act in contexts where references to section 46 currently appear. The amendments proposed by this Bill will effect the necessary variations in this regard. They are described in more detail in an explanatory memorandum being made available for the use of honourable senators which also explains the technical features of the Income Tax Assessment Bill. I commend the bill to the Senate.

Debate (on motion by Senator O'Byrne) adjourned.







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