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Wednesday, 8 November 1967

Mr Hayden asked the Treasurer, upon notice:

Will he consider an amendment of the income tax law to provide that the repayments of mortgages on the first domestic home be an allowable deduction for income tax purposes?

Mr McMahon - The answer to the honourable member's question is as follows:

The Government has considered similar proposals on a number of occasions but has concluded that such a departure from the general principle that deductions should not be allowed for outgoings of a private or domestic nature could not be justified. One consideration that the Government has had in mind is that such a concession would be an inducement to persons who otherwise had no need to borrow for purposes of house purchase to take up loans. This would reduce the funds available for persons less favourably placed.

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