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Friday, 15 June 1984
Page: 3231

(Question No. 947)

Senator Childs asked the Minister representing the Treasurer, upon notice, on 6 June 1984:

Can the Treasurer provide an estimate of the taxation revenue that will be eaten up by discounted investment in negotiable government obligations since this scheme seems to be another method for minimizing taxable income.

Senator Walsh —The Treasurer has provided the following answer to the honourable senator's question:

There appears to be a tax deferral element involved in issue of Dingos ( discounted investment in negotiable government obligations) bonds but it is not possible to estimate the revenue forgone at this stage. This would depend on a number of factors on which there are not yet any statistical data, including the volume of Dingos available, their popularity with investors, the tax circumstances of investors and the duration of the Dingos. It would depend also, of course, on whether, as a result of a study currently underway within the Treasury and the Taxation Office, the Government were to judge it appropriate to propose certain changes in relation to the taxation treatment of such securities .