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Wednesday, 12 December 1973

Senator WRIGHT (Tasmania) -I ask the Minister for Foreign Affairs (Senator Willesee) to say what particular taxation laws he has in mind. Is it gift duty or is it income tax? I suppose it is income tax. Does he also have death duties in mind or such things as the customs laws? I would like an indication of the areas in which it is apprehended that evasion may be taking place. Secondly, I notice that the words avoidance or evasion' are used in the Bill. I would have thought that it was old doctrine that anybody is entitled to arrange their affairs so as to avoid taxation so long as this is done with propriety and business affairs are rearranged on a proper basis. Thirdly, I ask the Minister to give me an indication that transactions will not be held up by a wide ranging investigation on the part of the Taxation Office, because a certificate of that Office will become a condition precedent to the Reserve Bank decision. I wish to add that I have not the slightest idea of any one of these transactions in the New Hebrides. I have had some indication of one or two transactions in other islands. Anything I have said must not be taken to refer to anything but an impersonal and completely objective inquiry on behalf of the public.

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