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Thursday, 10 March 1966

Mr McMAHON - It will be remembered that in the statement he made this week the Prime Minister said that the Government had been urged by industry representatives to consider urgently the problem of finance for scientific research. This inquiry is being undertaken urgently. In regard to the exact question asked by the honorable member, under the relevant section the total amount of money that is spent on scientific research can be deducted from gross profits if this money has been spent for the purposes of the business. I think that in the circumstances mentioned by the honorable member the full amount can be deducted. Nonetheless, to ensure that there is no doubt about it, I shall ask the Commissioner of Taxation to let me have a reply and I shall inform the honorable member of the results of the inquiry.

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