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Thursday, 9 December 1971
Page: 4625


Dr Everingham asked the Treasurer, upon notice:

(1)   Is he able to say whether the capital values and profits of .oil companies in Australia have risen annually for some years although the values of Australian oil fields are shown on their balance sheets as nil.

(2)   If so, have the capital gains and exported profits of these companies increased faster in total than the capital inflow from the owners.

(3)   Can he say whether those companies are English, French, Dutch and United States owned except for 88 per cent of Ampol Ltd and 65 per cent of H. C. Sleigh Ltd.


Mr Snedden - The answer to the honourable member's question is as follows:

(1)   Information on the aggregate value of oil companies' capital assets in Australia is not readily obtainable; particulars for individual companies may be recorded in the returns filed with company registrars. The following particulars of taxable income and net tax in respect of those taxable oil companies in Australia for which oil is the main source of assessable income have been obtained from Supplements to the Taxation Commissioner's annual Reports:

 

(2)   Information published by the Acting Commonwealth Statistician on the inflow of direct private overseas investment in companies in Australia in the oil industry and investment income payable overseas by such companies, is shown below. The coverage of these statistics is not the same as the data given above on taxable income and tax paid by oil companies in Australia. It should also be noted that the figures for investment income payable overseas include undistributed profits of Australian subsidiaries and unremitted profits of Australian branches, as well as the 'exported profits' referred to in the question. Information is not available on the capital gains by oil companies.

 

 

(3)   The details sought are not readily obtainable: particulars may be. recorded in the returns filed with* company registrars.







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