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NOTICE OF MOTION

Senator Watson gave a notice of motion as follows: To move on the next

day of sitting--

(1) That the following matter be referred to the Standing Committee on

Finance and Public Administration for inquiry and report:

Taxation of Financial Arrangements: Consultative document issued

by the Treasurer (December 1993).

(2) That during the inquiry consideration be given to the following

matters:

(a) the adequacy of the existing law under the Income Tax

Assessment Act 1936 to bring to assessment on an appropriate

basis income and gains arising from financial arrangements

and, in particular, the synchronisation of treatment between

taxpayers;

(b) the adequacy of the existing law under the Income Tax

Assessment Act 1936 to deal with the deductibility of costs

and expenses associated with the entering into financial

arrangements and, in particular, the synchronisation of

treatment between taxpayers;

(c) the impact on business of the proposed initiatives contained

in the Consultative document and, in particular:

(i) the taxing of certain financial arrangements on an

unrealised basis, including foreign exchange gains and

losses,

(ii) the introduction of a compound accruals method of

calculating income from financial arrangements, and

(iii) the direct and indirect costs involved; and

(d) whether the proposed initiatives are compatible with tax

simplification.

(3) That the terms of reference of the inquiry be advertised in the

press in the usual way.

(4) That written submissions be sought and examined by the committee

and oral evidence be heard in public, including oral evidence from

the authors of the more important submissions.