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Monday, 16 September 1985
Page: 539

Senator KILGARIFF —I give notice that, on the next day of sitting, I shall move:

That the Senate, in view of the economic difficulties faced by pastoralists who, in years of drought, are forced to sell off large amounts of stock, thus generating extraordinarily high incomes in those years and incurring similarly high taxation liabilities, calls upon the government to-

(a) give consideration to reinstating all the provisions of an income equalisation scheme which would allow pastoralists to have their incomes for those years levelled out over a number of years, to ease the heavy taxation burden which they would otherwise incur; and

(b) incorporate into such a scheme provision for a Government investment fund, whereby the excess income generated through destocking in drought years can be invested in a Government fund and exempt from taxation until such time as it is withdrawn, for example, in a year when the pastoralist is expecting a lower financial return and will need considerable funds for restocking.