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Wednesday, 26 November 1941


Mr LAZZARINI (Werriwa) (Minister assisting the Treasurer) . -I move -

That, after clause 38 the following new clauses be inserted: - " 38a. The provisions of section fifty-two a of the Commonwealth Inscribed Stock Act 1911-1040 shall not apply to exempt from gift duty assessed under this Act the disposition of any property to which that section applies. " 38b. Where any disposition of property is subject to gift duty under this Act and also under the law of any country outside Australia, and the Commissioner is satisfied that the law of that country makes provision for the rebate of gift duty similar to the provision contained in this section, the Commissioner may allow a rebate of the gift duty payable under this Act of an amount equal to one-half of the gift duty payable under this Act or under the law of that country, whichever is the lesser amount.".

The first of these new clauses will ensure that the provisions of section 52a of the InscribedStock Act will not exempt gifts of Commonwealth inscribed stock from gift duty. The second new clause provides for a rebate of duty in the event of double gift duty being imposed by reason of one gift being liable to duty both in Australia and in another country. The provision will not be effective unless the country outside of Australia has a similar provision in its legislation.







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