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: 2082

Senator HARRADINE (4.15 p.m.) —What is the status of a draft ruling by the Taxation Office when it comes to the assessment of child maintenance trusts? I acknowledge what the government has said and thank the parliamentary secretary. He has indicated that the normal rates of tax are to apply to arms-length rates of income from property transfers for the benefit of a child as part of a legal settlement following a family breakdown, and that that change is meant to apply to a range of such transfers of property which are not conditional on orders for dissolution or nullity of marriage. I also acknowledge that that goes further than what I was attempting to do, and that is why I readily took it on board. But there is the aspect of denial to those child maintenance trusts of their entitlement to be taxed at ordinary rates rather than at penalty rates.