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Tuesday, 23 August 1983
Page: 60

Mr HURFORD (Minister for Housing and Construction and Minister Assisting the Treasurer)(9.44) —I move:

That the Bill be now read a second time.

This Bill, like the one I have just introduced, is a revision of an earlier Bill . That Bill too was passed by this House, but rejected in another place. Like the earlier Bill, this Bill will formally impose a tax-to be called dividend recoupment tax-on the dividend amount determined in accordance with the rules being inserted in the recoupment tax legislation by the amending assessment Bill . The underlying purpose of the amendments is to recover personal income tax escaped by individual former owners of stripped companies. That will be done in a direct manner wherever possible. However, in cases where former owners held their shares through interposed companies or trusts, recovery may in certain circumstances be by way of imposing on one or more of the interposed companies or trusts a tax equivalent to the maximum personal rate of tax applying in the year of income in which the shares in the stripped company were sold. This Bill will impose that tax. I commend the Bill to the House.

Debate (on motion by Mr Sinclair) adjourned.