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Monday, 10 May 1993
Page: 359

To the Honourable President and members of the Senate in Parliament assembled. The Petition of the undersigned shows:

The legislation passed in December 1992 to count the increases in the value of shares held by pensioners as income, even if the shares are never sold to realise the gain:

(1) Is unjust.

(2) Has its most detrimental effect on pensioners with small holdings.

(3) Only affects Australian Stock Exchange listed shares.

(4) Discourages small scale investment in Australian companies.

Your Petitioners request that the amendments in the Social Security Legislation Amendment Bill (no 3) 1992 relating to unrealised capital gains on shares should be repealed.

And your Petitioners as in duty bound will ever pray.