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Tuesday, 17 November 1964

Senator HENTY - The Treasurer has supplied the following answers to the honorable senator's questions -

1.   Yes. However, the Commonwealth taxation law has included since 1934 the listing of the ordinary shares of a company on a stock exchange as one of the criteria for distinguishing between public and private companies. This provision was enacted in accordance with the draft provisions prepared by the Royal Commission on Taxation 1932- 1934. The Commonwealth Committee on Taxation, under the chairmanship of Mr. Justice Ligertwood also recommended that listing of the shares of a company on a stock exchange should be one of the tests for determining whether a company should be regarded as a public company for income tax purposes.

2.   At one stage, shortly after the publication of the Ligertwood Committee's report, there was correspondence between the Australian Associated Stock Exchanges and the Treasurer which referred to the tests recommended by the Committee.

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