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Thursday, 28 May 1942


Mr JOLLY (Lilley) (10:43 AM) . - I understand that an instruction" was issued recently by the Treasurer (Mr. Chifley) that air raid precautions expenditure, which was not capital expenditure, would be allowable as a deduction for income tax purposes. A recommendation was made by the Taxation Advisory Committee in relation to war damage insurance, to the effect that a person insured for £20,000 against war damage whose property was declared to have a depreciated value of £10,000, should be taxed for income tax purposes on the remaining £10,000,. in the event of his receiving that amount under the policy, with a qualification that he might obtain permission to replace his assets. Has the Government covered such cases in this bill, or docs it propose to take steps to cover them?







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