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Monday, 17 September 1973
Page: 1034

Mr KEATING (BLAXLAND, NEW SOUTH WALES) - I direct my question to the Treasurer. Does he intend to retain the retention allowance and undistributed profits tax provisions for private companies? If so, does the decision to increase primary tax for private companies not discriminate against private shareholders? Does he believe there is value in having uniform tax provisions for both private and public companies? Does he agree that distributions will occur anyway, and that the reason they occur in public companies is not the dominance of shareholders who are usually not banded together at any one share holders' meeting to demand a dividend, but the income requirements of shareholders? In short, does he believe that this provision should be retained in the tax laws?

Mr CREAN (MELBOURNE PORTS, VICTORIA) (Treasurer) - In a statement issued on Thursday or Friday of last week I indicated what the Government intended to do about private companies' undistributed profits. That statement indicated that a uniform retention allowance of 50 per cent would apply. The Bill will be before the House in a month or so when we will be afforded the opportunity to debate the issues.

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