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Wednesday, 17 April 1985
Page: 1103

To the Honourable the President and members of the Senate in Parliament assembled. The petition of the undersigned respectfully showeth:

Introduction of any additional capital gains taxes, wealth taxes or death duties is opposed on the grounds that they adversely affect the small and medium size businesses in Australia, destroying incentive and discouraging investment in this important area of the economy; the Australian economy, and employment in particular, is heavily reliant on growth in small businesses; any capital gains that might result when owners of small businesses finally sell the business are not 'windfall gains' but the result of many hard years of work and sacrifice, with very little being taken out of the business by way of salaries so that the maximum amount of money can be ploughed back into the business to create growth and jobs; the owners of small businesses often depend on a capital gain-which are simply deferred salaries-when they eventually sell their business to sustain them in retirement.

Your petitioners request that the Senate, in Parliament assembled, will protect the rights of private enterprise and reject any inequitable additional taxes.

And your petitioners as in duty bound will ever pray.

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