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Wednesday, 31 May 1972
Page: 2385

Senator Dame NANCY BUTTFIELD (8.5) - I wish to ask 2 questions. I have found that some people are a little confused by the wording in the Act. In the proposed new section 6d and in other sections of the Act reference is made to a share. I would like the Minister to explain whether the expression also covers the plural - shares. Would it also apply if an individual were to buy shares in a number of companies and hold them for 18 months? Are the profits made on shares in a number of companies free of tax after they are held for 18 months? This dilemma has arisen because it is for the Deputy Commissioner of Taxation in each State to say whether a person is still liable under section 26 (a). Therefore I would be grateful to have a clear definition of the liability of share purchasers in those cases.

My other question relates to the case of an individual who buys shares in the course of carrying on his business. Does this provision apply to an individual who sets up an investment company for the purpose of holding all the shares he buys for investment purposes?

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