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Tuesday, 17 November 1959


Mr HAROLD HOLT (HigginsTreasurer) ). - by leave - I move -

That the bill be now read a second time.

Consequent upon the introduction of a withholding tax on dividends, this bill proposes a drafting amendment to the act declaring the rates of income tax and social services contribution for the 1959-60 financial year. As the withholding tax is technically income tax and social services contribution there will, on the imposition of the withholding tax, be two acts declaring rates of income tax and social services contribution. It is necessary to clarify in the act imposing the general rates of tax that the income tax and social services contribution levied by that act does not include dividend withholding tax.

This bill will achieve the necessary clarification.

Debate (on motion by Mr. Crean) adjourned.







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