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Wednesday, 14 December 1983
Page: 3777

Senator Dame MARGARET GUILFOYLE(5.06) —I move:

Page 6, clause 10, proposed new paragraph 19A (1) (d), lines 34 to 44, leave out the paragraph.

Mr Chairman, clause 10 will provide partial relief to public company shareholders who did not benefit from the bottom of the harbour scheme. I have circulated this amendment in my name on behalf of the Opposition. The amendment will extend the exemption under this clause to private company shareholders. The Opposition welcomes the amendment that the Government has brought forward in this clause, but it is concerned that it will be restricted only to public company shareholders. The relief that is provided arises from a realisation that some unfairness exists in the legislation and that no form of appeal is presently provided, but we would ask: Why exclude private company shareholders from the relief that it is proposed to provide? The Commissioner of Taxation admits that the only reason for not extending the exemption is administrative inconvenience. We suggest that the Commissioner's fear, that taxpayers may seek to delay by claiming that they have received no benefit, is discriminatory if he can relate that only to public company shareholders and not to those who are in private companies. This amendment will have the effect of applying the relief also to private company shareholders. The Government already intends to provide such relief for public company shareholders. I commend the Opposition's amendment.