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Wednesday, 26 November 1941

Mr SPOONER (Robertson) .- I support the amendment. This clause is evidence of the difficulties that are brought upon the community by comparatively few people who seek loopholes by which they may evade the spirit of the law of the country.

Mr Calwell - There are many of them.

Mr SPOONER - I do not know that there are many of them. I shall go so far as to say that there may be more than there should be. I realize, from what the Minister assisting the Treasurer (Mr. Lazzarini) has told us about the administration of similar legislation elsewhere, that it is necessary that there should be some means of preventing a man from selling property to a relative and taking as security, which will in clue course be repaid, moneys given by the mortgagee to the mortgagor. The amendment provides that, if within five years, the mortgage, or a portion of the mortgage, is repaid, the donor, who becomes the mortgagee under the transaction, will receive a refund of a part or the whole of the gift duty which he originally paid. But. in regard to transactions which are perfectly bona fide - and I venture to think that there are great numbers of them - in which a nian does in truth actually sell the property to the relative and receives a mortgage for the unpaid purchase money, and where there is no attempt at evasion, it is unfortunate that he should be penalized because of the misdeeds of other people who are not so honorable. However, that is the position. Because there are a few people who break the spirit of the law and enter into arrangements calculated to defeat the ends of justice in the collection of duty, these " blanket " provisions are necessary to cover alike the just and the unjust.

Amendment agreed to.

Clause, as amended., agreed to.

Clause 17 agreed to.

Clause 18-

For the purpose of computing the value of a gift -

(d)   the Commissioner may, in his discretion, adopt as the value of any shares of stock in any company comprised in a gift such sum as the holder thereof would receive in the event of the company being voluntarily wound up on the date when the gift was made.

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