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Thursday, 28 November 1974
Page: 2905


Senator COLEMAN (WESTERN AUSTRALIA) - My question is directed to the Minister representing the Minister for Housing and Construction. I draw the Minister's attention to the Government's recently announced scheme of tax deductibility of mortgage interest payments. In view of the vital nature of this scheme to all current and intending home owners in Australia, will the Minister assure the Senate that no effort will be spared in bringing the existence of the scheme to the attention of the general public?


Senator CAVANAGH (SOUTH AUSTRALIA) -The Minister is most anxious to get this information to the public. He has advised all banks, real estate agents and builders so that they may inform clients of the tax deductibility of home mortgage interest payments. In some cases the deduction will amount to about $8 a week. It is hoped that on the taxation forms for next year there will be information on this deduction similar to that for other allowable deductions. It is hoped that politicians may give some assistance by notifying the people in their electorates of the deduction of home mortgage interest payments for tax purposes. If claims for this purpose are made from 1 January on the pay-as-you-earn system, this will reduce the tax taken out of the weekly pay. There will be a lump sum payment at the end of the year on an apportionment basis in cases where the deduction applied prior to 1 January and the deduction was not made on a weekly basis. As much as can be done by the Minister to inform the public on this scheme is being done, and he has called for assistance.







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