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INCOME TAX ASSESSMENT AMENDMENT (CAPITAL GAINS) BILL 1986
INCOME TAX (RATES) AMENDMENT (CAPITAL GAINS) BILL 1986

Order of the Day read for the adjourned debate on the motion of the Minister for Industry, Technology and Commerce (Senator Button)-That these Bills be now read a second time.

Debate resumed.

Question-put.

The Senate divided

AYES, 34

Senators- Aulich Black Childs Chipp Coates Coleman Colston Cook Crowley Devlin Elstob Foreman Gietzelt Giles Grimes Haines Jones McClelland McIntosh (Teller) McKiernan Macklin Maguire Mason Morris Ray Reynolds Richardson Robertson Sanders Sibraa Tate Vigor Walsh Zakharov

NOES, 28

Senators- Alston Archer Baume, Michael Baume, Peter Bjelke-Petersen Boswell Brownhill Carrick, Sir John Collard Crichton-Browne Durack Guilfoyle, Dame Margaret Hamer Hill Knowles Lewis MacGibbon Messner Newman Parer Puplick Reid (Teller) Sheil Teague Townley Walters Watson Withers

And so it was resolved in the affirmative.

Bills read a second time.

The Senate, according to Order, resolved itself into Committee for the consideration of the Bills.

In the Committee

Bills, by leave, taken as a whole and debated.

Senator Haines, by leave, moved the following amendments to the Income Tax Assessment Amendment (Capital Gains) Bill 1986 together:

Page 96, clause 19, proposed new paragraphs 160ZZR (1) (d) and (e), lines 10 to 27, leave out the proposed new paragraphs.

Page 97, clause 19, proposed new sub-sections 160ZZR (3) and (4), lines 7 to 17, leave out the proposed new sub-sections.

Debate ensued.

Senator Messner moved-That the Chairman of Committees report progress and ask leave to sit again.

Question-put.

The Committee divided-

AYES, 28

Senators- Alston Archer Baume, Michael Baume, Peter Bjelke-Petersen Boswell Brownhill Carrick, Sir John Chaney Collard Crichton-Browne Durack Guilfoyle, Dame Margaret Hamer Hill Knowles MacGibbon Messner Newman Parer Puplick Reid (Teller) Sheil Teague Townley Walters Watson Withers

NOES, 35

Senators- Aulich Black Childs Chipp Coates Coleman Colston Cook Crowley Devlin Elstob Foreman Gietzelt Giles Grimes Haines Jones McClelland McIntosh McKiernan Macklin Maguire Mason Morris Ray Reynolds Richardson Robertson (Teller) Ryan Sanders Sibraa Tate Vigor Walsh Zakharov

And so it was negatived.

Debate continued.

Question-That the amendments be agreed to-put and passed.

Income Tax Assessment Amendment (Capital Gains) Bill 1986, as amended, and the Income Tax (Rates) Amendment (Capital Gains) Bill 1986 further debated.

Ordered-That the Question for each Bill be put separately.

Question-That the Income Tax Assessment Amendment (Capital Gains) Bill 1986, as amended, be agreed to-put.

The Committee divided-

AYES, 33

Senators- Aulich Black Childs Coates Coleman Colston Cook Crowley Devlin Elstob Evans Foreman Gietzelt Giles Grimes Haines Jones (Teller) McIntosh McKiernan Macklin Maguire Mason Morris Ray Reynolds Richardson Robertson Sanders Sibraa Tate Vigor Walsh Zakharov

NOES, 28

Senators- Alston Archer Baume, Michael Baume, Peter Boswell Brownhill Carrick, Sir John Collard Crichton-Browne Durack Guilfoyle, Dame Margaret Hamer Hill Jessop Knowles Lewis MacGibbon Messner Newman Parer Puplick Reid Sheil (Teller) Teague Townley Walters Watson Withers

And so it was resolved in the affirmative.

Question-That the Income Tax (Rates) Amendment (Capital Gains) Bill 1986 be agreed to-put and passed.

Income Tax Assessment Amendment (Capital Gains) Bill 1986 to be reported with amendments and the Income Tax (Rates) Amendment (Capital Gains) Bill 1986 to be reported without amendment.

The Acting Deputy-President (Senator Jones) resumed the Chair; and the Chairman of Committees (Senator Hamer) reported accordingly.

On the motion of the Minister for Finance (Senator Walsh) the Report from the Committee was adopted.

Senator Walsh moved-That these Bills be now read a third time.

Ordered-That the Question for the third reading of each of the Bills be put separately.

INCOME TAX ASSESSMENT AMENDMENT (CAPITAL GAINS) BILL 1986-

Question-That this Bill be now read a third time-put.

The Senate divided-

AYES, 34

Senators- Aulich Black Childs Coates Coleman Colston Cook Crowley Devlin Elstob Evans Foreman Gietzelt Giles Grimes Haines Jones McClelland McIntosh McKiernan Macklin Maguire Mason Morris Ray Reynolds Richardson Robertson (Teller) Sanders Sibraa Tate Vigor Walsh Zakharov

NOES, 28

Senators- Alston Archer Baume, Michael Baume, Peter Boswell Brownhill Carrick, Sir John Collard Crichton-Browne Durack Guilfoyle, Dame Margaret Hamer Hill Jessop Knowles Lewis MacGibbon Messner Newman Parer Puplick Reid Sheil (Teller) Teague Townley Walters Watson Withers

And so it was resolved in the affirmative.

INCOME TAX (RATES) AMENDMENT (CAPITAL GAINS) BILL 1986-

Question-That this Bill be now read a third time-put.

Debate ensued.

Question-put and passed.

Bills read a third time.