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Wednesday, 19 April 1972
Page: 1273

Senator Sir KENNETH ANDERSON (New South Wales) (Minister for Health) On 21st March, 1972, Senator Webster asked me a question as Minister representing the Treasurer concerning the attitude of the Commissioner of Taxation in relation to the collection of income tax payable by companies. The Treasurer has provided the following answer:

The collection of income tax during the financial year in which it is payable has always been regarded by the Commissioner of Taxation as an Important part of his statutory responsibilities. Companies are not subject to provisional tax under the present system and are not ordinarily required to pay their income tax assessments before 7 months after the close of the year of income in respect of which the tax is assessed.

When interest rates are relatively high, many taxpayers naturally prefer to defer the payment of tax as long as possible and the Commissioner has found it necessary to lay down a general rule that extensions of time beyond the due date will only be granted for substantial reasons and only on terms which will ensure, as far as practicable, that the Commissioner will be able to collect the tax before the end of the financial year.

There has been no change, however, in the general guidelines which are followed in individual cases and all requests for extensions of time for payment are carefully and sympathetically examined.

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