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INCOME TAX ASSESSMENT AMENDMENT BILL (NO. 5) 1982 (NO. 2)

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: (a) the home loan rebate is unduly generous to wealthy home-buyers and open to exploitation in that it provides benefits to persons owning more than one residence and is available on large loans in excess of $60 000;

(b) the further increase in the retention allowance to 80 per cent will widen avenues for tax avoidance;

(c) the introduction of a tax concession to shareholders through a rebate on the first $1000 of dividend income is inequitable; and

(d) the Bill should provide mortgage assistance to those home purchasers not in receipt of taxable income such as the unemployed and pensioners''.

Debate ensued.

Question-That the words proposed to be added be added-put.

The Senate divided-

AYES, 21

Senators- Bolkus Childs Coates Colston Elstob Evans Foreman Georges Gietzelt Giles Grimes Harradine Hearn Jones Keeffe McClelland McIntosh Primmer Ray, Robert Walsh Teller: Senator Sibraa

NOES, 29

Senators- Archer Baume Bjelke-Petersen Bonner Carrick, Sir John Chaney Chipp Collard Crichton-Browne Guilfoyle, Dame Margaret Haines Hill Lajovic Lewis Macklin Martin Martyr Mason Messner Missen Reid Scott Siddons Thomas Townley Walters Watson Young Teller: Senator Kilgariff

And so it was negatived.

Question-That this Bill be now read a second time-put and passed.

Bill read a second time.

The Senate, according to Order, resolved itself into Committee for the consideration of the Bill.

In the Committee

Bill, by leave, taken as a whole.

The Minister for Finance (Senator Dame Margaret Guilfoyle) moved an amendment, viz: Page 4, clause 5, sub-clause (1), paragraph (a), proposed sub-paragraph 78 (1) (a) (lxxii), lines 29 and 30, leave out ''the armed forces of Israel'', insert ''foreign forces''.

Question-That the words proposed to be left out be left out-put and passed.

Question-That the words proposed to be inserted be inserted-put and passed.

Amendment agreed to accordingly.

Senator Walsh moved an amendment, viz: Page 4, clause 5, sub-clause (1), paragraph (a), proposed sub-paragraph 78 (1) (a) (lxxv), line 43, leave out the proposed sub-paragraph.

Debate ensued.

Question-That the words proposed to be left out be left out-put and negatived.

Debate continued.

Bill, as amended, agreed to.

Bill to be reported with an amendment.

The Acting Deputy-President (Senator Haines) resumed the Chair; and the Temporary Chairman of Committees (Senator McIntosh) reported accordingly.

On the motion of Senator Dame Margaret Guilfoyle the Report from the Committee was adopted, and the Bill read a third time.