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Friday, 30 October 1964

Senator GORTON (Victoria) (Minister for Works) . - Senator Cohen, being a Queen's Counsel, will understand that I cannot give any undertaking in this, matter, and that even if I did give an undertaking it would not be of any legal significance. AH I can do is direct the honorable senators attention to section 26 (d) of the Income Tax and Social Services Contribution Assessment Act, which provides -

The assessable income of a taxpayer shall include - (d) live per centum of the capital amount of any allowance, gratuity or compensation where that amount is paid in a lump sum in consequence of retirement from, or the termination of, any office or employment . . .

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