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Tuesday, 25 November 1941

Mr FADDEN (Darling Downs) (Leader of the Opposition) . - The Opposition has submitted the amendment for the very reason which the Minister has just outlined - that it is opposed to this new principle which the Government proposes to introduce into federal taxation practice, namely, the taxing of capital profits. The Opposition is definitely opposed to the taxation of capital profits in this way, whether the proceeds of the profits find their way, as dividends, into the pockets of the shareholders or not. The principle is bad, because the profit is capital profit, and the Government's proposal involves a definite departure from the principles of income taxation as practised by the Commonwealth since federation. The Opposition will oppose the passage of clause 6 as it stands in the bill.

Question put -

Thatthe amendment (Mr. Spooner's) be agreed to.

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