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Tuesday, 29 September 1942


Mr CHIFLEY (Macquarie) (Treasurer) . - I move -

That in proposed new section 59b (4) (b) the word " less " be left out with a view to insert in lieu thereof the following words : - " , and, where the taxpayer, in consequence of the construction or acquisition of the building, has ceased to use any other building which he had used in carrying on his business, shall include such amount of any loss (not being a loss which is an allowable deduction) sustained by him as a result of that cessation as the Board of Referees determines, less in any case".

The purpose of these amendments is to include within the provisions of the principal act cases in which a taxpayer, in consequence of the construction or acquisition of a building, ceases to use some other building which he had used previously in carrying on his business. It has been stated that, in some cases, a taxpayer, instead of extending his existing building, has removed to new premises because the old premises were unsuitable for war production purposes. In these cases, the taxpayer may have suffered a loss through vacating the old building. The proposed amendment provides that, in calculating the net cost of the new building, any loss which the taxpayer may have suffered as the result of vacating the old building will be included. The amount of the loss to be so included will be determined by the board of referees.

Amendment agreed to.

Amendment (by Mr. Chieley) agreed to-

That, in proposed new section 59d (1.), the words ", or section fifty-nine b", be left out with a view to insert in lieu thereof ", section fifty-nine b or section seventy-two b".

Clause, as amended, agreed to.

Clause 10 agreed to.

Clause 11 (Rates and taxes).







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