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Tuesday, 1 May 1973
Page: 1545

Mr Viner asked the Treasurer, upon notice:

(1)   Has his attention been drawn to the proposal in the British Budget 1973 that, in respect to the valuation of quoted shares or securities, -where they are sold within 12 months of death, those accounting for duty will be able to claim substitution of total sale price for value at date of death.

(2)   If so, has his Department studied the impact of such a proposal on the collection of Commonwealth estate duty.

(3)   If a study has been undertaken, will he, in the spirit of open government, make the study available.

(4)   If a study has not been undertaken, will he arrange for one to be made.

(5)   Will he follow the lead shown by the British Chancellor of the Exchequer and extend the same relief to persons paying Commonwealth estate duty.

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

(1)   Yes. I note that in announcing the proposal the Chancellor of the Exchequer referred to 'certain safeguards1 and preceded the announcement by referring to a possible inheritance tax.

(2)   This particular proposal has not been studied but iti nature is well understood.

(3)   See reply to (2).

(4)   The Treasury and the Taxation Office will be making a submission on estate duty to the Taxation Review Committee which will analyse, among other things, proposals of the sort alluded to.

(5)   A decision to vary estate duty provisions along the lines indicated has not been made and it would not be appropriate for me to speculate about the possibility of it being made at some future time. Should such a decision be made it would be announced in the appropriate way.

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