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Tuesday, 11 September 1973
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Mr KEATING (BLAXLAND, NEW SOUTH WALES) - My question, which is addressed to the Treasurer, relates to private companies and the provisions introduced in the Budget in relation to the increase in income tax bringing the private company up to the level of a public company. I refer him also to his intention to readjust the retention allowance. Does the Treasurer feel that this will drive a lot of people away from the company and into partnerships? Does the Treasurer see any value in accepting the concept of an incorporated partnership where for tax reasons the persons involved would pay the same amount of tax but could have the benefits of incorporation and be recognised by the Federal income tax laws for that purpose?







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