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Thursday, 2 November 1967

Mr BOWEN (Parramatta) (AttorneyGeneral) - On the question of income tax the honourable member for Mackellar (Mr Wentworth) has just referred to the possibility that a subsidiary company in Australia would rearrange its affairs so as to prevent itself from being subjected to tax here by the prices it charged and the arrangements it made with its overseas parent. If it did that, section 136 of the Income Tax Assessment Act would permit the Commissioner of Taxation to assess the company on a percentage of turnover, which would be much less attractive for the company. I thought I should interpose that comment, also pointing out that any dividends remitted would attract a withholding tax and also excise.

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