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Wednesday, 26 May 1993
Page: 1367

Senator WATSON (6.00 p.m.) —I thank the Government and the Australian Taxation Office for their support for the thrust of our amendment. The retrospective element will certainly be taken away. However, there will be no loss to the revenue as a result of the Government's amendment to our amendment. I think this is a perfectly good way of achieving the objective of taking away retrospectivity but making sure that taxpayers cannot take advantage of the position by amending their returns. I think the addition of the words `in respect of returns lodged before 1 May 1993 and for which the taxpayer has not subsequently sought any amendment of the assessment in this respect' adequately covers the case. I thank the Minister, and I think we have a better Bill as a result.