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Thursday, 3 November 1983
Page: 2312


Mr KEATING (Treasurer)(4.13) —I move:

That the Bill be now read a second time.

This Bill will formally impose income tax for 1983-84 on the 1982-83 taxable income of companies and unit trusts treated as companies for tax purposes, as well as on the taxable income of superannuation funds and the trust income of non-resident company beneficiaries of the current year. The rates of tax are also declared by the Bill and, except for the increase, as announced in the 1981 -82 Budget, in the rate for friendly society dispensaries to the general company tax rate of 46 per cent, they are the same as for 1982-83. The provisions of the Bill follow the same lines as in other years and details of the various rates are set out in the explanatory memorandum that has been made available to honourable members. I commend the Bill to the House.

Debate (on motion by Mr Howard) adjourned.