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Tuesday, 7 December 1976
Page: 3453

Mr Lloyd asked the Minister for Health, upon notice:

(   1 ) Was the recommendation of the Institute of Chartered Accountants followed in determining the depreciation of buildings and net profit for Croydon Investments Pty Ltd, one of the Fawnmac group of companies; if not, why not.

(2)   Will the recommendation be adhered to this financial year.

(3)   Does Croydon Investments Pty Ltd have shares in Barker House Pty Ltd; if so, why.

(4)   What is the purpose of this company, and who are the major shareholders.

(5)   Are any of the directors of the Fawnmac group shareholders and/or directors of Barker House Pty Ltd.

Mr Hunt -The answer to the honourable member's question is as follows:

(   1 ) No. The group continued its long standing practice of calculating depreciation at rates allowed by the Taxation Office which does not allow depreciation on buildings.

(2)   This matter will be considered when the accounts for 1 976-77 are being prepared.

(3)   and (4) Barker House Pty Ltd owns the premises, known as Barker House, from which the Fawnmac group operates in Sydney. Croydon Investments Pty Ltd is the beneficial owner of the shares in Barker House Pty Ltd. This is a long standing arrangement which was entered into before the Commonwealth acquired the shares in the Fawnmac group.

(5)   All of the Directors of Barker House Pty Ltd are directors of the other Fawnmac companies.

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