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Wednesday, 31 May 1972
Page: 2386

Senator WOOD (Queensland) - One of the difficulties with the Taxation Office is this lack of clarity or definition in telling people what they must pay tax on. From What the Minister has said, it appears as though there is still some doubt, depending upon the circumstances. The Taxation Office has got a lot of people into trouble and has got itself into a lot of trouble because it has not had any clear definition on this point. The result is that nobody knows just what taxation they are up for. If this Bill does not give this clarity of definition, it really is not a very progressive step. Actually I think that the Taxation Office is paying now for its foolishness over a period of years in being so grasping at other times as far as share transactions are concerned.

Senator DameNANCY BUTTFIELD (South Australia) (8.14) - I am still thinking about the case of the individual who forms an investment company. I accept in part what the Minister said by way of answer to the effect that each case is an individual one. But could not some guidelines be given to individuals, who may be considering the formation ofan investment company or who mayhave an investment company and who may be considering buying shares as an investment? They do not know whether that action means that they are carrying on a business and therefore they would be subject to the provision of section 26a.

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