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Government's Plan to abolish 20% profit exemption on Gold Mining



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NEWS RELEASE :

FROM THE HON. P H IL L IP LYNCH, MP DEPUTY LEADER OF THE OPPOSITION

The 20% p ro fit exem ption on gold m ining would be abolished if the L ab o r G o v ern m en t w as re tu rn e d , the D eputy L e a d e r of the O pposition, M r. P h illip Lynch, sa id in W este rn A u s tra lia today.

M r. Lynch was speaking in G e ra lto n .

The L ab o r G ov ern m en t w as w ithholding its d ecisio n on the re m o v a l of the exem ption u n til a fte r the e le c tio n s, M r. Lynch sa id .

"T he d ecisio n h as been c le a rly foreshadow ed by p rev io u s G ov ern m en t s ta te m e n ts .

" its announcem ent h as been w ithheld a s p a rt of a s e c r e t d eal betw een the F e d e ra l L ab o r M em ber fo r K alg o o rlie, M r. C o lla rd , and the T r e a s u r e r , M r. C re a n .

"T he re m o v a l of the 20% exem ption w ill c a u se s e rio u s unem ploym ent in gold m ining a re a s and th re a te n the fu tu re of the A u s tra lia n gold m ining in d u stry .

"C om m unities such as K alg o o rlie w ill be v ita lly effected and the fo rtu n e s of o th e r in d u s trie s , such a n ick el m ining (which p ro d u ce s som e gold), w ill also e x p erien c e a down tu rn in e a rn in g s .

"T he re p e rc u s s io n s of L a b o r’s actio n w ill be fe lt throughout the K alg o o rlie re g io n .

"T he L ib e ra l C ountry P a r ty G overnm ent is c o m m itted to the re te n tio n of the gold m ining exem ption.

"We b eliev e such in ce n tiv e s m u st be m ain tain ed .

"in A ugust la s t y e a r, the O pposition P a r tie s spoke out stro n g ly a g a in st L a b o r 's d e cisio n to a b o lish p ro v isio n s giving tax exem ptions fo r p ro fits fro m gold m ining, o r the incom e d e riv e d fro m the s a le , tr a n s f e r o r a ssig n m e n t of rig h ts

to m ine a p a rtic u la r a re a fo r gold.

"T he L ib e ra l and C ountry P a r t i e s ' policy w ill e n su re th e continued p ro s p e rity of the K alg o o rlie reg io n . "

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MAY 14, 1974. Issu e d through th e F e d e ra l

S e c re ta ria t of the L ib e ra l P a rty .