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Tuesday, 29 September 1942

Mr CHIFLEY (Macquarie) (Treasurer) . - I believed that I had met every body's wishes in this clause. The suggestion that these concessions be granted was made on the last occasion when an income tax assessment measure came before Parliament. I promised then to consider that suggestion, and officers of the Treasury and I consulted members of the legal profession. At first there was disagreement between lawyers in different States, but eventually agreement was reached, and I believed that this clause would satisfy everybody's wishes. The suggestion just made by the Leader of the Opposition (Mr. Fadden) has not been made to me previously. I am prepared to examine it, and if I have overlooked any point I shall rectify the omission. I hope to be able to make a decision before the bill is dealt with in the Senate. I should not like to accept the proposal without examining fully its implications.

Clause agreed to.

Clause 15 -

Section one hundred and three of the Principal Act is amended by omitting the proviso to paragraph (f) of sub-section (2.) and inserting in its stead the following proviso: - " Provided that this paragraph shall not apply to the profits or income specified in subsection (2.) of section forty-four of this Act, to the extent of the amount of any dividend paid wholly and exclusively out of those profits or that income.".

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