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Tuesday, 25 November 1941

Mr SPOONER (Robertson) .- This clause and the two succeeding clauses relate to the taxation of private companies. The amendment moved by the Minister assisting the Treasurer (Mr. Lazzarini) provides for the reduction of the tax paid and payable in respect of any year. By that the Government means the flat rate of tax, not the tax on the undistributed profits. This is mot. a convenient time to discuss at length the taxability of private companies. The Treasurer (Mr. Chifley) made a statement to the effect that a committee of members early next year would con- sider the incidence pf taxation on private companies, other matters dealt with in this bill, and, possibly, taxation laws generally. The Treasurer has acted wisely and I am obliged to him for the opportunity that will thus be afforded to make a complete examination of the whole subject. It would not be fair to ask the Government at short notice to accept amendments in regard to the taxation of private companies, be cause amendments which appear to be very simple and innocent may have farreaching effects, as regards both repercussions and revenue. Considerable examination and access to the schedules, which will indicate how revenue will be affected, either favourably or adversely, are needed. I do not propose to move amendments to this clause or succeeding clauses. The amendment moved by the Minister assisting the Treasurer willclear up one little difficulty.

Amendment agreed to.

Clause, as amended, agreed to.

Clauses 19 to 21 agreed to.

Clause 22 -

Section one hundred and sixty of the principal act is repealed.

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