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TAXATION POLICY

Senator Messner, pursuant to notice, moved-That the Senate notes-

(a) the continuing uncertainty in the community caused by the failure of the Federal Government to introduce into the Parliament proposed taxation legislation affecting the following matters:

Subject

Date of

announcement

Resource Rent Tax...

18.4.84

Discounted and deferred interest securities (DINGO bonds, etc.)...

16.12.84

Interest Withholding Tax on discounts and Hire Purchase charges...

14.12.84

Non-cash business related benefits given to non-employees...

4.2.85

Income averaging for sports persons...

4.2.85

150 per cent deduction for research and development expenditure...

29.5.85

Fringe benefits tax...

19.9.85

Capital gains tax...

19.9.85

Imputation system of taxing company distributions...

19.9.85

Foreign tax credit system...

19.9.85

Provisional tax to be payable in instalments...

19.9.85

; and

(b) that the effects on incentive and industry of the proposed legislation on fringe benefits tax and capital gains tax will be devastating and will detrimentally affect the course of the Australian economy.

Debate ensued.

Question-put.

The Senate divided

AYES, 28

Senators- Archer Baume, Michael Baume, Peter Bjelke-Petersen Boswell Brownhill Carrick, Sir John Collard Crichton-Browne Durack Guilfoyle, Dame Margaret Hamer Hill Kilgariff (Teller) Knowles Lewis MacGibbon Messner Newman Parer Puplick Reid Sheil Short Teague Townley Vanstone Withers

NOES, 34

Senators- Aulich Black Bolkus Childs Coates Coleman Colston Cook Cooney Crowley Devlin Elstob Evans Foreman Gietzelt Giles Grimes Haines Jones McClelland McKiernan Macklin Maguire Mason Morris Reynolds Robertson (Teller) Ryan Sanders Sibraa Tate Vigor Walsh Zakharov

And so it was negatived.

Pursuant to Sessional Order, consideration of General Business was interrupted.