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Tuesday, 29 August 1989
Page: 452

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

That the Senate-

(a) notes:

(i) the Government's Budget decision to collect 85 per cent of a company's tax obligation within 15 days of the close of the year of income,

(ii) that the decision will have major cash flow problems for most businesses with seasonal, cyclical or uneven cash flows,

(iii) that the decision ignores the business fact of life that cash is not always simultaneously received as profit as earned, because of credit terms, and

(iv) that the impact on business will be exacerbated by the prevailing high interest rates; and

(b) condemns the Government for drawing the parameters of 85 per cent and 15 days far too tightly in the interests of viable export industries, a strong manufacturing sector and corporate organisations generally.