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Wednesday, 1 December 1976

Mr LYNCH (Flinders) (Treasurer) -I move:

That the Bill be now read a second time.

This is the second of 3 Bills designed to give legislative effect to the Government's decision to establish a scheme of income equalisation deposits for the benefit of primary producers. As I have already explained features of the deposit scheme in speaking to the Bill that has just been introduced, I need refer only briefly to the purposes of this measure.

The provisions of the Bill are basically in line with other loan raising laws although there are some differences because of the particular nature of the deposits. First, the proceeds of income equalisation deposits are to be transferred to a new trust account established by the Bill. Secondly, because the Commonwealth, in accepting deposits does not issue securities, the Commonwealth Inscribed Stock Act will not apply. Thirdly, because of income tax implications, the deposits will not be transferable from one person to another.

The Bill appoints the Commissioner of Taxation as the person authorised to determine requests for withdrawal of deposits and authorises him to declare, in certain prescribed circumstances, that deposits have become repayable. Depositors are given a right to have a request for withdrawal referred to a board of review if it is refused by the Commissioner. Honourable members will have detailed explanations of the Bill's provisions in the memorandum circulated on this and associated measures. I commend the Bill to the House.

Debate (on motion by Mr Hurford) adjourned.

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