Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Tuesday, 2 May 1961


Mr HAROLD HOLT (HigginsTreasurer) . - I move -

Omit sub-section (3.) of proposed section 115a, insert the following sub-sections: - " ' (3.) In any calculation for the purposes of the last preceding section in relation to a year of income in relation to which an election by a company under sub-section (1.) of this section has effect -

(a)   the values of k,l, m and n shall, in relation to the company, be ascertained without reference to the cost of any public securities or Commonwealth securities issued in respect of a loan raised outside Australia and the Territories of the Commonwealth; and

(b)   the values of d, e andf shall, in the application of sub-section (1.) of the last preceding section in relation to the company, be multiplied bya/b, where - a is so much of the calculated liabilities of the company as, in the opinion of the Commissioner, is referable to Australian policies (other than policies included in a superannuation statutory fund); and b is so much of the calculated liabilities of the company as, in the opinion of the Commissioner, is referable to Australian policies (other than policies included in a superannuation statutory fund) that are not superannuation policies. " ' (3a.) For the purposes of the last preceding sub-section, a policy shall be taken to be included in a superannuation statutory fund if, in the opinion of the Commissioner, liabilities under that policy would be payable from that fund.".

I have already given a brief explanation of this amendment, but in view of what my friend from Melbourne Ports (Mr. Crean) has said I think I had better hear what he wishes to address to this clause before I discuss it further.







Suggest corrections