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Thursday, 28 May 1942

Mr CALWELL (Melbourne) (11:14 AM) . I should like to know why it is proposed that a taxpayer shall be entitled to a rebate of 2s. for every £1 of interest which is included in his taxable income, and which is derived from bonds, debentures, stock, or other securities issued by the Government of the Commonwealth, or of a State, or by any municipal body. It seems to me that in this clause we are continuing the system of protection from State tax. I know of the difficulties which exist in regard to issuing loans free of both State and Federal taxes. The last loan which was floated on that basis was offered to the public towards the end of the war of 1914-18. Since then, all loans have been free of State tax, due, 1 believe, to the disparity between the rates of tax in the several States. I do not think that such a large concession should be made on account of money derived from investments, in this case investments in government loans. I should like to learn what departure from existing practice is being made in this clause.

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