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Wednesday, 26 November 1941

Mr LAZZARINI (Werriwa) (Minister assisting the Treasurer) . - I move -

That paragraph (d) be omitted with a view to insert in lieu thereof the following paragraph: " (d) where a gift includes any shares or stock in any company the shares or stock of which arc not or is not quoted in the official list of any stock exchange, the Commissioner may, in his discretion, adopt as the value of any such shares or stock such sun as the holder thereof would receive in the event of the company being voluntarily wound up on the date when the gift was made.".

The purpose of the amendment is to confine to private companies the power given to the Commissioner of Taxation in this matter. In the case of public companies the shares of which are quoted on the stock exchange the value is already ascertainable from such a source, and there is no better criterion of the value of such shares than the price at which they change hands on a stock exchange.

Amendment agreed to.

Clause, as amended, agreed to.

Clause 19 - (1.) Any person who makes, and any person wlm receives, any gift the value of which, together with the value of all other gifts made by the samedonor to the same or any other donee whether at the same time or within the immediately preceding thirty months . . .

Amendment (by Mr. Lazzarini) agreed to-

That, in sub-clause (1.), the word "thirty" be omitted with a view to insert in lieu thereof the word "eighteen".

Amendment (by Mr. Lazzarini) proposed -

That the following sub-clause be added to the clause - " (4.) For the purposes of this section, gift' shall not include any gift in respect of which gift duty is declared by section fourteen of this act not to be payable."

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