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Wednesday, 20 May 1936

Senator A J McLACHLAN (SOUTH AUSTRALIA) (Postmaster-General) . - This definition is dealt with in paragraph 117 of the report of the Royal Commission on Taxation. The substance of the commission's recommendation is that the words " out of its profits " should be deleted from the definition and inserted in clause 44, where they should more properly appear. It is necessary to provide that dividend shall not include a return of paid-up capital. The words " and any amount credited to them as shareholders " were inserted to make it clear that the distribution refers to the amounts credited as well as to the amounts paid. It is a definition which the members of the legal fraternity consider necessary.

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