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Thursday, 9 December 1965


Mr CLARK (DARLING, NEW SOUTH WALES) - I ask the Treasurer whether he will give consideration to amending the Income Tax Act so as to extend the sections which provide some tax benefit to primary producers in times of drought, flood and bushfire. In particular, will he give some consideration to amending section 3 6(3 A) to allow a fanner or grazier to elect to include any deferred profit on forced livestock sales in the year of his choice? The present obligatory provision requires that one-fifth of such profit shall be included in each of the four years succeeding the forced sale. Will he also consider amending section 75 to permit of an outright deduction for fodder purchases in the year in which this expense is incurred in preference to such deduction being made, as is at present provided, in the year in which the fodder is used?







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