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Tuesday, 29 April 1969

Senator ANDERSON - The Treasurer has provided the following answer to the honourable senator's question:

It has been held by the High Court that a mutual insurance association formed for the purpose of insuring its members against losses resulting from hail or rain damage to crops is liable to income tax on its profits. The possibility of amending the legislation to exempt associations of this kind from income tax has already been raised with the Government and the matter will be further considered when the relevant provisions of the law are under review.

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