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Wednesday, 20 May 1936


Senator PAYNE (Tasmania) .- I should like to know why it has been necessary to amend the definition of "dividend". In. the original act " dividend " includes " any distribution made by a company to its shareholders whether in money or other property out of the profits ". The definition in this clause is in similar terms with the addition of the words " and any amount credited to them as shareholders ". I am at a loss to understand why these words have been included, because money credited to taxpayers as shareholders of a company may not actually be available to them for some considerable time. Such an amount would be of no use to them until it had been distributed. It would be very embarrassing to a person to be assessed in respect of an amount which he had not received. Will the Minister explain why these words are included ?







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