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Wednesday, 20 May 1936


Senator E B JOHNSTON (Western Australia) . - Paragraph d, which exempts calls on shares in a mining company or syndicate carrying on mining operations in Australia, has been the law for many years, but it has not given very much relief. If the Government wishes to encourage mining operations, provision should be made to exempt application and allotment moneys. Is seems strange that calls on shares in a mining company should be allowable deductions, whereas application and allotment moneys are not. There is a lack of uniformity about the provisions which should be rectified. Some mining companys call up nearly all of their capital ; others are able to carry on with the application and allotment moneys. I suggest that the Minister should agree to the insertion of the words "application and allotment moneys and " at the beginning of paragraph d.







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