Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Current HansardDownload Current Hansard   

Previous Fragment    Next Fragment
Wednesday, 23 March 1994
Page: 2079

Senator WATSON (3.53 p.m.) —I might give a little background. The government amendment sought to overcome a problem arising from the leasing method of calculating the appropriate amount in terms of the gross rental. The government amendment has actually been superseded as a result of a decision of the High Court not to allow special leave to appeal by Citicorp from a full Federal Court decision. The issue in that case was essentially that Citibank was assessable on the gross rentals received under the financed lease of cars but was entitled to a depreciation of limits, subject to the limitations contained in section 57AF of the cost limits. As a result of the decision of the Federal Court, reinforced by the decision of the High Court not to allow special leave to appeal to the High Court, the government's amendment is rendered unnecessary.

Senator Sherry —We are continuing to propose the amendment. I thank Senator Watson for his assistance.

Senator WATSON —These proposals were in the original bill. Since the drafting of the original bill, the High Court action was finalised and, as a result of that, the government does not intend to proceed with its amendment and has put a further amendment to the original bill to render clauses 24 and 25 unnecessary.

  Clauses negatived.

  Clauses 26 to 40—by leave—taken together.