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Thursday, 29 November 1973

Senator WILLESEE - Earlier in the day in answer to a question from Senator Donald

Cameron I said that I did not have the information he sought. I can now inform him that on 22 November the Minister assisting the Treasurer made a statement on behalf of the Treasurer which was relevant to this question. I think I can best answer the question by noting that the statement included, amongst other things, the following points:

(   1) In bringing equity into the industry's taxation affairs, the Government does not want to change the form and character of the industry.

(2)   Representations on the matter appear to have been based on fears of the industry that the deferred tax to be collected over the phasing-in period would be well over double the $15m estimated by the Coombs task force. The Treasurer understands that those worries have now been removed, or at least reduced immeasurably.

(3)   In administering the phasing-in, the usual sympathy afforded by the administration will apply, and no arbitrary or over-theoretical standards of valuation will be imposed. While no serious problems are expected, if any unforeseen circumstances arise which result in the position being different from those outlined, the wine making industry may be assured that the situation will be reviewed sympathetically.

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