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Thursday, 9 December 1971
Page: 4629

Mr Drury (RYAN, QUEENSLAND) asked the Treasurer, upon notice:

(1)   Has any review of taxation deductions allowable to co-operative companies under section 120 of the Income Tax Assessment Act been made during the last J financial years; if so, what was the result.

(2)   What has been the loss in revenue to the

Commonwealth as a result of section 120 of the

Income Tax Assessment Act during each of the last 5 financial years.

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

(1)   Following the receipt of representations both for their extension and for their restriction or abolition, the provisions of section 120 of the Income Tax Assessment Act were examined several times during the last five financial years. These examinations did not lead to the formulation of proposals for amendment of the provisions in either direction.

(2)   No statistics are available that would enable a reliable estimate to be made of the increased income tax revenue that would have resulted if deductions under section 120 had not been allowable to co-operative companies.

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