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Friday, 13 August 1926

Senator PEARCE - The Treasurer has supplied the following reply: - 1 and 2. The Commissioner of Taxation is taking all necessary action in cases where he thinks that excessive prices have been debited in trading accounts in respect of goods imported into Australia. Section 28 of the Income Tax Assessment Act 1922-25 gives the Commissioner power to assess such income tax as he thinks proper in cases where it appears a business of the nature referred to produces either no taxable income or less than the ordinary taxable income which might be expected to arise from that business. An appeal to the High Court has been made against the action of the Commissioner under this section in the case of the British Imperial Oil Company.

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