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Tuesday, 25 November 1941

Mr LAZZARINI (Werriwa) (Minister assisting the Treasurer) . - The Government assures the committee that its new proposals are not intended to be retrospective beyond the 30th October, but the honorable member for Robertson (Mr. Spooner) has raised another issue in this amendment. He proposes to omit subparagraph (ii) of clause 6 and to exempt from tax any profits arising from the sale, or compulsory resumption for public purposes, of assets not acquired for the purpose of resale at a profit. The Government has contended all along that profits derived from the resale of property of companies - not the return of capital, but profits over and above that - and distributed to the shareholders as dividends, should be taxable as ordinary dividends. It appears that the honorable member wishes to submit two amendments as one. The Government cannot accept the first, which propose to omit the words " subparagraphs (i) and (ii) ", and to insert the words "sub-paragraph (i) ". However, the Government is agreeable to the proposal regarding the retrospectivity of the tax.

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