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Thursday, 15 June 1989
Page: 4079


Senator WATSON(11.41) —Yes, but the provision provides: `the clawback amount is allowable as a deduction from the assessable income of the fund of the notice year'. I am concerned that people may be denied an allowable deduction from the assessable income under proposed new clause 276, simply because time has run out and the Insurance and Superannuation Commissioner (ISC) has not done his job. How can the notice under subsection 82aat (1a) and similar provisions be given? I do not want to have to ask this question in relation to all similar notices, but I put the Government on notice, using this as a test case, to save my asking the question again: Are people and funds going to be denied the sorts of deductions that are allowable under the Income Tax Assessment Act 1936 simply because the notices have not been given because the ISC and the Commissioner of Taxation have been remiss in not putting forward their regulations and in not putting out the notices to enable people to get the deductions to which they are legitimately entitled, provided that they put in their notices in this year? By the time this Bill gets royal assent there will be precious little time left. What administrative arrangements are there? Does it require an amendment to the Act? If it does, I will call on the Government to prepare another amendment to enable the deductions that people are rightfully entitled to under this Bill to be claimed, because the effluxion of time might deny them that opportunity.