Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Wednesday, 25 March 1942

Senator ALLAN MacDONALD (Western Australia) . - I ask the Minister for the Interior (Senator Collings) to give consideration to the arrangements for the transport of Western Australian members of this Parliament to and from Canberra. I suggest that he should instruct an official of the Commonwealth Works Department of Perth to arrange for the transport by rail of members travelling between Perth and Canberra. The present position is most unsatisfactory.

On the 5 th March I asked the Minister representing the Treasurer the following questions : -

1.   In view of the Prime Minister's statement that the limitation of profits to 4 per cent will not apply until the 1st July of this year, does that mean that the tax will apply to the profits made in the gold-mining industry from the 1st July, 1941, to the 30th June,' 1942, or will the tax be collected monthly on the profits commencing on the 1st July, 1942?

2.   In view of the fact that a number of gold-mining companies have already distributed interim dividends for their operations commencing on the 1st July last year, is the distribution of these dividends now prohibited if over the 4 per cent, limit under section 5, of the regulations in question?

3.   In the amending regulations or taxing legislation to bo introduced on the 1st July next, will the Minister representing the Treasurer insist on a proper definition of profits. These should be expressly defined, as being the taxable profits within the meaning of section 3 of the War Time Company Tax Assessment Act, which is the taxable income of the taxpayer as assessed under the Commonwealth Income Tax Assessment Act?

I have now received the following answers to my questions : -

1.   Your attention is invited to the statement made by the Prime Minister on the 4th instant that the taxation proposals relating to the limitation of profits would not operate until the financial year commencing on 1st July. 1942. The statement means that the proposed tax will not apply to profit derived by a. business during the year end ing 30th June, 1942, but it will apply to profit derived during the year commencing on 1st July, 1942. It is not proposed to collect the tax monthly but to assess the amount payable on the year'* profit.

2.   As the tax will not apply to profits derived during the year ended 30th June, 1942, the distribution of the dividends referred to in your second question will not be affected.

3.   Full consideration will be given to your suggestion that a proper definition of profits " be inserted in the proposed taxing measure. No doubt taxable income as assessed under the Income Tax Assessment Act will form the basis for the ascertainment of profit for purposes of the proposed tax. [ thank the Minister for his courtesy in having these questions submitted to the Treasurer and for the answers which have been supplied to me.

Suggest corrections