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Wednesday, 26 October 1910

Senator McGREGOR (South Australia) (Vice-President of the Executive Council) . - In order that honorable senators may thoroughly understand such a simple matter as this is, I have risen to make a further explanation. Senator Stewart, in the position he takes up, is absolutely correct. Suppose that in April, or May, a person agreed to sell, and that before the 30th June the sale was not completed, he would still be the owner. But if the sale were completed before the 30th September he would be exempt from the tax, as he would not be the owner for this taxation year. If the amendment be carried, however, the position might be complicated to some extent. Honorable senators will notice that the words used in the proviso are "has sold or agreed to sell." If, on the 1st July, or 28th September, any person agreed to sell, and had not completedthe sale before the 30th September, he will be exempt. A man who, prior to the 30th June, agreed to sell, but did not complete the sale, was the owner on the 30th June, but he can complete the sale before the 30th September. If he does not do so, he is held to be the owner, and is taxed. If, after the 30th June, a person agreed to sell, although the sale may not be completed until November or December, or some time afterwards, yet, because he made the agreement between 30th June and 30th September, he also will be exempt. I hope that honorable senators will allow the clause to pass.

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