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Tuesday, 29 September 1942


Mr SPOONER (Robertson) .- As the Treasurer has said, this amendment will express more clearly the intention of the bill that, when a mining company pays dividends out of the exempt income that is created by clause 6, that exempt income shall be free of tax in the hands of the shareholders when distributed in the form of dividends. I believe that the effect that the Government has in view would not be achieved unless a company declared a separate dividend in respect of all these amounts of 20 per cent. In the opinion of legal authorities the proposed amendment will express the Government's wishes more clearly.

Amendment agreed to.

Clause, as amended, agreed to.

Clause 8 agreed to.

Clause 9 -

After section fifty-nine of the Principal Act the following sections are inserted: - " 59b. - Where any building is constructed " (4.) For the purposes of this section -

(a)   the term 'building' shall include any alteration, addition or extension which is made, after the thirtieth day of June, One thousand nine hundred and thirty-eight, to any existing building;

(b)   the net cost of the building shall be deemed to be an amount equal to all expenditure of a capital nature incurred in constructing or acquiring the building less -

(i)   any sum provided, or to be provided, directly or indirectly, by the Commonwealth or a State, or by any public authority of the Commonwealth or a State, towards the cost of constructing or acquiring the building, not being a sum provided or to be provided by way of loan;" "59d, - (1.) The Treasurer may, on the recommendation of a Board of Referees, appoint such expert and technical advisers as the board recommends to assist the board on the hearing . of any application under section twenty-three a, section fifty-nine a or section fifty-nine b of this act."







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