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Friday, 19 October 1984
Page: 2076

Senator COLLARD —My question is directed to the Leader of the Government in the Senate. I also refer to the Prime Minister's announcement that the family home would not be included in a capital gains tax. Will other such items of capital value that gain over a period, such as coins, stamps, jewellery and antiques be included in the tax?

Senator BUTTON —As promised the Government will conduct a comprehensive review of the taxation system in Australia.

Senator Walters —After the election.

Senator BUTTON —Yes, that is right, that is what we have promised. We would be unlikely to do it before the election. Opposition senators will do it before the election and come up with some hare-brained views on Monday, no doubt. The Government will conduct a much overdue comprehensive review of the taxation system. In the course of any such review, I am sure that capital taxes will come under consideration. If any recommendations about capital taxes come out of the review, I am sure that they will contain exemptions about all sorts of matters, including the matters raised by Senator Collard. I suppose that they would be matters which would be considered when considering any categories of exemptions which were appropriate. I would not think-I venture to offer an opinion-that they would be matters of great concern in arriving at a more equitable taxation system for Australia, which is the purpose of the review.