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Tuesday, 19 August 1980
Page: 376


Mr MACPHEE (Balaclava) (Minister for Immigration and Ethnic Affairs and Minister Assisting the Treasurer) - I move:

That the Bill be now read a second time.

This Bill will formally impose income tax for 1980-81 on the income of companies for 1979-80 and the income of superannuation funds for the current year. The rates of tax are also declared by the Bill and are the same as for 1979-80, with one minor exception. The exception is a superannuation fund taxed in accordance with section 121DA of the assessment Act. Such funds, which are broadly in the nature of accumulation trusts, are taxed at a rate equal to the maximum rate of personal tax and, in consequence of the change in the standard personal rate, the rate of tax for these funds is to be reduced from 61.07 per cent to 60 per cent for the 1980-81 financial year.

The provisions of the Bill follow the same lines as in other years and details of the various rates are set out in the explanatory memorandum that is being made available to honourable members. I commend the Bill to the House.

Debate (on motion by Dr Klugman) adjourned.







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