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Wednesday, 26 November 1941


Mr CHIFLEY (Macquarie) (Treasurer) . - On behalf of the committee I bring up the following reasons : -

REASONS OF THE HOUSE OF REPRESENTATIVES FOR DISAGREEING TO AMENDMENTS Nos. 2, 4 AND 5 OF THE SENATE.

1.   The proposal of the House contained substantially the tax concession at pre-war rates.

2.   Deducting calls on shares in mining companies up to £50, irrespective of the income of the investor, would have the effect in some cases of subsidizing the investment up to £50 by 83 per cent.

3.   The increased rate of tax is purely for war purposes and should not be used to give in war-time approximately three times the rate of concession that was granted in peace-time.

4.   With full sense of responsibility of the importance of conducting a successful war, thisHouse cannot accept the amendment which involves a serious loss of revenue.

5.   The excessive concession which (having regard to war taxation) the Senate amendment would involve is illustrated by the attached table.

Statement Showing Tax Benefits- Personal Exertion Income.

Income shown is after Allowance of all Deductions except those for Calls and Statutory Exemption.

 

Statement Showing Tax Benefits of Calls of an Amount of£50 - Personal Exertion Income.

Income shown is Income remaining after allowing all Deductions except those for Statutory Exemption and £50 Calls.

 

and move -

That the committee's reasons be adopted.

Question resolved in the affirmative.

Sitting suspended from 5.21 to 7.5 p.m.







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