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Wednesday, 20 May 1936

Senator COLLINGS (Queensland) . - I note that expenditure incurred in the year of income by the taxpayer in being elected as a member, or in contesting an election for membership of Parliament, shall be an allowable deduction. I suggest that the word " elected " should be amended to read nominated ". In its present form the clause does not provide for a man who is a candidate for the first time, and who does not have the income until he has incurred the necessary expenditure.

Senator A J McLACHLAN (SOUTH AUSTRALIA) - I agree that that would be a rather narrow interpretation of the clause. I shall have the point raised by the honorable senator examined.

Clause agreed to.

Clauses 75 to 77 agreed to.

Clause 78- (1.) The following shall, to an extent in the aggregate not exceeding the amount of income remaining after deducting from the assessable income all other allowable deductions except the deduction of losses of previous years and of the statutory exemption, be allowable deductions: -

(d)   Calls on shares in a mining company or syndicate carrying on mining operations in Australia for gold, silver, base metals, rare minerals or oil, or in any company carrying on afforestation in Australia as its principal business.

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