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Thursday, 31 March 1966

Mr McMAHON - It is true that in most cases the valuation of land for probate and estate duty purposes is based on comparative land values if those values are normal market values in commercial sales. 1 consider that this is the proper method to adopt, lt has been approved by the courts of this country over many years. 1 believe that if valuations were based on productivity, this could well impose a penalty on efficient farmers and could, in certain circumstances, play into the hand of Pitt Street and Collins Street farmers if lower values were permitted for estate duty purposes. This would be against the interests of genuine farmers. I point out to the honorable gentleman that a person who is dissatisfied with a valuation has recourse to a valuation board or to a State Supreme Court or to the High Court of Australia.

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