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Wednesday, 20 May 1936

Senator A J McLACHLAN (SOUTH AUSTRALIA) (Postmaster-General) . - I move -

That, at the end of the clause, the following sub-clause be inserted: - (4.) Where a net premium is, under subsection (2.) of section eighty-four of this act. included in the assessable income of a taxpayer, the deductions which would have been allowable under this section had the full amount of the premium been included under sub-section (1.) of that section in the assessable income of the taxpayer, shall be taken into account, only for the purpose of ascertaining the amount of the net premium."

The clause deals with the deductions from premium income, and makes no mention of net premium. The proposed amendments are designed to ensure that the clause may be invoked for the purpose of ascertaining the amount of a net premium. These amendments are consequential on the amendments to clause 84.

Amendment agreed to.

Clause further verbally amended and, as amended, agreed to.

Clauses86 and 87 agreed to.

Clause88 (Deductions to lessee).

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