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Wednesday, 20 May 1936

Senator A J McLACHLAN (SOUTH AUSTRALIA) (Postmaster-General) . - The Royal Commission on Taxation recommended that the provisions of this section should come into force at once, but in order to allow a little breathing space the Government extended the time until the 30th June, 1938. Having regard to the generous nature of the bill, I ask the committee not to accept the amendment.

Amendment negatived.

Clause agreed to.

Clauses 158 and 159 agreed to.

Clause 160-

(2)   In this section, "business" means a business which from its nature and character requires for its efficient working the retention in "Die business of some part of the taxable income of each year.

(3)   This section shall not apply in any case bv reason only of the fact that the amount set aside, appropriated or written off the value of assets in the accounts of an individual in respect of depreciation, exceeds the amount, if any. allowable under this act in respect of depreciation of th,i.e assets.

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