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Thursday, 28 May 1942

Debate resumed from the 15th May (vide page 1294), on motion by Mr. Chifley -

That the bill be now read a second time.

Question resolved in the affirmative.

Bill read a second time.

In committee:

Clauses 1 to 7 agreed to.

Clause 8 - (1.) Section seventy-two of the Principal Act is amended -

(a)   by omitting from sub-section (1.) all the words after the words "annually assessed; " and inserting in their stead the following words: - " or

(b)   Federal land tax or land tax imposed under any law of a State or of a Territory being part of the Commonwealth (other than taxes which are deductible under section seventeen of the Estate Duty Assessment Act 1914-1940), to the extent to which those rates or taxes are charged or levied in respect of property held by the taxpayer for the purpose of producing assessable income, shall be allowable deductions."; and

Section proposed to be amended -72. (1.) Sums for which the taxpayer it personally liable and which are paid in Australia by him in the year of income for -

(a)   rates which are annually assessed;

(b)   Federal land tax or land true imposed under any law of a State or of a Territory being part of the Commonwealth; or

(c)   incometax imposed under any law of a State or of a Territory being part of the Commonwealth(other than taxes which are deductible under section seventeen of the Estate Duty Assessment Act 1914-1928) shall be allowable deductions.







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