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Tuesday, 11 September 1973
Page: 732

Mr KEATING (BLAXLAND, NEW SOUTH WALES) - My question, which is addressed to the Treasurer, relates to private companies and the provisions introduced in the Budget in relation to the increase in income tax bringing the private company up to the level of a public company. I refer him also to his intention to readjust the retention allowance. Does the Treasurer feel that this will drive a lot of people away from the company and into partnerships? Does the Treasurer see any value in accepting the concept of an incorporated partnership where for tax reasons the persons involved would pay the same amount of tax but could have the benefits of incorporation and be recognised by the Federal income tax laws for that purpose?

Mr CREAN - Yes, I believe that there has to be a lot of re-thinking about business organisation as between corporative and unincorporative business, private and public, and so on. I think that the move taken recently sets the course for beginning to make that sort of systematic change. The details of the Bill will be announced later and I hope that that will afford an opportunity for some of these ideas to be debated at greater length than I can use at question time.

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