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Wednesday, 20 May 1936

Senator LECKIE (Victoria) .- Representations have been made to me that the definition of "distributable income " should be amended to include expenditure, such, for instance, as is incurred in connexion with trade marks, excess depreciation, &c, which in the ordinary course is not an allowable deduction. The suggestion is made because, in certain instances, distributable income is defined as the actually existing net profits available for distribution.

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