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Wednesday, 8 September 1920

Sir JOSEPH COOK (PARRAMATTA, NEW SOUTH WALES) (Treasurer) - It is not a fact that primary producers' co-operative societies are specially exempted from war-time profits tax assessment by the amending Act of 1918. There is no mention of primary producers' co-operative societies, as such, in the law, but cooperative companies engaged for the main part in the manufacture, preparation, or wholesale distribution of foodstuffs the produce of Australia were always exempted from assessment of wartime profits tax, so far as regards the manufacture, preparation,. or wholesale distribution of foodstuffs the produce of Australia. The amending Act of 1918 specially provided that, in calculating the profits of co-operative societies coming generally within the purview of the law, there should be deducted so much of the profits as arises from business carried on with members of the, company or society. This amendment was not made retrospective, and applies for the first time to the assessments made on excess profits arising during the period 1st July, 1916, to 30th June, 1917.

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