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Tuesday, 29 September 1942

Mr HARRISON (Wentworth) . - I drew the attention of the Treasurer to an anomaly that will obviously arise out of this clause. Will he consider introducing an amendment now in order to remove that anomaly?

Mr Chifley - I do not admit at this stage that there is an anomaly.

Mr HARRISON - I should like the honorable gentleman to investigate the matter with a view to taking action to rectify any anomaly that may exist.

Mr Chifley - I agree to do that.

Clause, as amended, agreed to.

Clause 7 -

Section forty-four of the principal act is amended -

(a)   by inserting in paragraph (b) of sub-section (2.), before subparagraph (iii), the following subparagraph : - " (i) so much of the income derived by a company as is exempt from income tax by reason of section twentythree a of this Act; or"; and

Section proposed to be amended -


(2.) The assessable income of a shareholder shall not include dividends -

(b)   paid wholly and exclusively out of one or more of the following: -

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