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Thursday, 31 August 1972
Page: 1014

Mr GARLAND (Curtin) (Minister for Supply and Minister assisting the Treasurer) (11.57}- I move:

That the Bill be now read a second time.

This Bill will give effect to the Budget proposal to raise the gift duty exemption from $4,000 to $10,000. The present exemption limit of $4,000 was fixed in 1947 and applies to the value of all gifts made by the same donor within a period of 3 years. Where the aggregate value of all gifts made in a 3 year period commencing 18 months before and ending 18 months after the date of a particular gift is within the exemption limit, the gift is exempt from duty.

Under the proposals in the Bill, gift duty will not be payable on a gift made on or after 1 6th August 1972 unless its value is greater than $10,000 or its value, together with the value of all other gifts made in the aggregation period, is greater than that amount. The Bill also contains shading-in provisions - along the lines of those in the present law - to ensure that full duty is not payable where the value of gifts made by a person within the aggregation period is only marginally above the exemption level. A memorandum explaining the provisions of the Bill is being made available to honourable members. I commend the Bill to the House.

Debate (on motion by Mr Crean) adjourned.

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