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Tuesday, 29 September 1942


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

That the following words be added to the clause: - " ; and (d) by inserting at the end thereof the following sub-section: - (2.) For the purpose of calculating the deduction under paragraph (a) of the definition of "taxable profit" in the last preceding sub-section, the income tax payable by a company for the financial year commencing on the first day of July, One thousand nine hundred and forty-two, shall be calculated as if in paragraph (a) of the Seventh Schedule to the income Tax Act 1942 the words "forty-eight pence " were substituted for the words " seventy-two pence ".' ".

This amendment and those that I shall move later are the result of recommendations by the Special Taxation Committee, for the purposes of clarification.

Amendment agreed to.

Clause, as amended, agreed to.

Clause 4 agreed to.

Clause 5 -

Section twenty-two of the principal act is amended by adding at the end thereof the following aub-eection : - " (6.) A claim under sub-section (5.)' of this section shall he made not later than the end of the first year of tax in the assessment for which it is claimed that the greater statutory percentage should apply.".

Amendment (by Mr. Chifley agreed to-

That the following proviso be added to proposed new sub-section (6.) : - " Provided that a claim in respect of an assessment for the year of tax ended on the thirtieth day of June, One thousand nine hundred and forty-one or on the thirtieth day of June, One thousand nine hundred and fortytwo, may be made at any time prior to the first day of January, One thousand nine hundred and forty-three.".

Clause, as amended, agreed to.

Clause 6 -

Section twenty-three of the principal act is amended by adding at the end thereof the following sub-section : - " (5.) A claim under this section shall be made not later than sixty days after service of the notice of assessment upon the taxable profit of the accounting period in respect of which the claim is made.".

Amendment (by Mr. Chifley) agreed to-

That the following proviso he added to pro posed new sub-section (5): - " Provided that where a notice of assessment of the taxable profit of any accounting period was served upon a company prior to the commencement of this sub-section, a claim in respect of that accounting period may be made at any time prior to the first day of January, One thousand nine hundred and forty-three. .

Clause, as amended, agreed to.

Clause 7 agreed to.

Clause 8 -

Section 25 of the principal act is amended by adding at the end thereof the following sub-section : - " (6.) An application under this section shall be made not later than 60 days after service of the notice of assessment upon the taxable profit of the accounting period is respect of which the application is made.".

Amendment (by Mr.Chifley) agreed to-

That the following proviso be added to proposed new sub-section (6. ) : - " Provided that where a notice of assessment of the taxable profit of any accounting period was served upon a company prior to the commencement of this sub-section an application in respect of that accounting period may be made at any time prior to the first day of January, One thousand nine hundred and forty-three.".

Clause, as amended, agreed to.

Clauses 9 to 11 agreed to.

Title agreed to.

Rill reported with amendments; report - by leave - adopted.

Bill - by leave - read a third time.







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