Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Current HansardDownload Current Hansard   

Previous Fragment    Next Fragment
Thursday, 5 December 1985
Page: 2991

Senator WALSH (Minister for Finance)(11.14) —I am quite happy to repeat what I said if Senator Baume did not hear it. I said that he was a partner in a firm which was up to its ears in short selling and reckless speculation and which had ultimately defaulted on its debts. That is what I said and that is what the record shows. In regard to the question that he asked about whether a sole trader will be affected by the provision in clause 6, the answer is that a sole trader was never entitled to obtain a deduction under section 51 for his own entertainment or his own dinner. So the sole trader will not be affected by it, because the sole trader was never entitled to claim a deduction.

Senator Michael Baume —What about the partner?

Senator WALSH —It is the same for partners.