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INCOME TAX ASSESSMENT AMENDMENT BILL 1982

Order of the Day read for the adjourned debate on the Question-That this Bill be now read a second time-And on the amendment moved thereto by Senator Walsh, viz: At end of motion, add '', but the Senate is of the opinion that the Bill is deficient in that:

(a) penalties contained in the Bill for participation in transfer pricing type tax avoidance arrangements are insufficient to provide suitable deterrents to tax avoidance and are inconsistent with penalties contained elsewhere in the Act ;

(b) without the accompanying adoption of a code of conduct for transnational corporations, as recommended by the OECD and the United Nations, the effectiveness of Division 13 is likely to be limited by the difficulty confronting the Taxation Commissioner in obtaining adequate information;

(c) the Bill fails to take retrospective action against persons flouting the tax system through the blatant avoidance schemes utilising section 26AAA of the Act; and

(d) the Bill endorses use by the medical profession of corporate and trust arrangements with significant tax avoidance implications''-

And on the amendment moved by Senator Siddons to Senator Walsh's proposed amendment, viz: Leave out paragraph (c).

Debate resumed.

Question-That the words proposed to be left out be left out (Senator Siddons' amendment)-put.

The Senate divided-

AYES, 32

Senators- Archer Baume Bjelke-Petersen Bonner Chaney Chipp Collard Crichton-Browne Durack Haines Hamer Harradine Hill Jessop MacGibbon Macklin Martin Martyr Mason Messner Rae, Peter Reid Scott Siddons Teague Thomas Townley Walters Watson Withers Young Teller: Senator Kilgariff

NOES, 23

Senators- Bolkus Childs Coates Coleman Colston Elstob Evans Foreman Georges Gietzelt Giles Grimes Jones Keeffe McClelland McIntosh McLaren Mulvihill Primmer Ray, Robert Tate Walsh Teller: Senator Sibraa

Amendment agreed to accordingly.

Question-That the words proposed to be added be added (Senator Walsh's amendment, as amended)-put.

The Senate divided-

AYES, 29

Senators- Bolkus Childs Chipp Coates Coleman Colston Elstob Evans Foreman Georges Gietzelt Giles Grimes Haines Harradine Jones Keeffe McClelland McIntosh McLaren Macklin Mason Mulvihill Primmer Ray, Robert Siddons Tate Walsh Teller: Senator Sibraa

NOES, 27

Senators- Archer Baume Bjelke-Petersen Bonner Carrick, Sir John Chaney Collard Crichton-Browne Durack Hamer Hill Jessop MacGibbon Martin Martyr Messner Rae, Peter Reid Scott Teague Thomas Townley Walters Watson Withers Young Teller: Senator Kilgariff

Amendment agreed to accordingly.

Main Question, as amended-put and passed.

Bill read a second time.

The Senate, according to Order, resolved itself into Committee for the consideration of the Bill.

In the Committee

Bill, by leave, taken as a whole.

Senator Walsh, by leave, moved the following amendments together:

Page 4, clause 4, sub-clause (1), paragraph (c), proposed sub-sub-paragraph 26AAA (2A) (c) (i) (A), lines 9 and 10, leave out ''10 September 1981'', insert ''1 July 1979''.

Page 4, clause 4, sub-clause (1), paragraph (c), proposed sub-sub-paragraph 26AAA (2A) (c) (ii) (A), line 22, leave out ''10 September 1981'', insert ''1 July 1979''.

Page 6, clause 4, sub-clause (1), paragraph (g), proposed sub-paragraph 26AAA (8 ) (b) (i), lines 16 and 17, leave out ''10 September 1981'', insert ''1 July 1979''.

Page 8, clause 4, sub-clause (2), line 13, leave out ''10 September 1981'', insert ''1 July 1979''.

Page 8, clause 4, sub-clause (3), line 19, leave out ''10 September 1981'', insert ''1 July 1979''.

Debate ensued.

And it being half-past three p.m.: The Chairman of Committees (Senator McClelland), pursuant to Sessional Order, reported to the Senate.

And consideration of Committee Reports taking precedence-