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Thursday, 15 June 1989
Page: 4080


Senator WATSON(11.50) —The words are `in the year of income'.


Senator Walsh —What line are you quoting?


Senator WATSON —Clause 276 on page 14 states:

. . . the clawback amount is allowable as a deduction from the assessable income of the fund of the notice year.

I am saying that people are being denied a deduction under the clawback provision simply because the notice goes in next year rather than this year. I am concerned about the operation of the clawback provisions in relation to the current year. As I see it, there is no way that that notice can come in within the current year.