Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Full Day's HansardDownload Full Day's Hansard    View Or Save XMLView/Save XML

Previous Fragment    Next Fragment
Tuesday, 25 November 1941

Mr CHIFLEY (Macquarie) (Trea surer) . - by leave - I lay on the table the following paper: -

Income Tax - Calls paid to Mining Com panies - Report of Committee of Members of the House of Representatives.

The report relates solely to deductions allowable under the Income Tax Assessment Act in respect of calls paid to mining companies.

The recommendation of the committee is to the effect that, in lieu of the provision in the existing law for the deduction of the amount paid as calls to mining companies, oil companies, and afforestationcompanies, the act should make provision for a rebate, calculated at one-third of the rate of income tax imposed for the financial year on the amount of calls paid. The recommendation was made unanimously by the members of the committee, and the Government proposes to bring forward during the committee stage of the bill the necessary amendment to implement it.

The Government has decided that the committee shall continue to function for the purpose of examining, in the new year, the position in regard to the taxation of dividends received from ex- Australian mining companies. It will also survey the incidence of taxation on private companies, and investigate any anomalies, submitted to it in writing, which experience of the new legislation may bring to light.

Suggest corrections