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Wednesday, 24 October 1973
Page: 1387

Senator WEBSTER (VICTORIA) - My question to the Minister representing the Treasurer refers to the effect of the undistributed profits tax as it applies to private companies. Is it a fact that whilst the Federal Government has announced an increased rate of company taxation for proprietary limited companies, the apparent aim being that those companies will eventually pay the same rate of tax as public companies, the retention allowance for private companies and the rate of undistributed profits tax have not been varied? Does it appeal to the Minister that, with a higher primary tax now being levied on private companies, a higher retention amount should be permitted before undistributed profits tax applies or that the undistributed profits tax rate should be lowered from the very extreme rate of 50 per cent on the undistributed amount? Will the Minister consider advocating to the Treasurer that this matter should have his close and prompt attention and that a statement be brought to the Senate at an early date?

Senator MURPHY - I am quite happy to send the question along to the Treasurer and put to him the honourable senator's request that he give close and earnest consideration to the matters affecting private companies which the honourable senator raised.

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