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INCOME TAX ASSESSMENT AMENDMENT BILL 1982

Order of the Day read for the adjourned debate on the Question-That this Bill be now read a second time.

Senator Walsh moved an amendment, viz: At end of motion, add '', but the Senate is of the opinion that it is deficient in that:

(a) penalties contained in the Bill for participation in transfer pricing type tax avoidance arrangements are insufficient to provide suitable deterrents against tax avoidance and are inconsistent with penalties contained elsewhere in the Act;

(b) without the accompanying adoption of a code of conduct for transnational corporations, as recommended by the OECD and the United Nations, the effectiveness of Division 13 is likely to be limited by the difficulty confronting the Taxation Commissioner in obtaining adequate information;

(c) the Bill fails to take retrospective action against persons flouting the tax system through the blatant avoidance schemes utilising section 26AAA of the Act; and

(d) the Bill endorses use by the medical profession of corporate and trust arrangements with significant tax avoidance implications''.

Debate ensued.

Senator Siddons moved an amendment to the proposed amendment, viz: Leave out paragraph (c).

Debate ensued.

Senator Evans addressing the Chair-

And it being half-past six p.m.-