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Wednesday, 19 September 1973
Page: 1229

Mr ARMITAGE (CHIFLEY, NEW SOUTH WALES) - My question is directed to the Treasurer and I preface it by referring to reports that there are a number of solicitors and accountants who do little else but work on tax evasion methods and finding tax havens, such as the New Hebrides, for companies and individuals. What action is contemplated to stop these loopholes in the taxation procedures and the nefarious practices which are depriving the Australian public, not only the Government, of millions of dollars of tax revenue.

Mr CREAN (MELBOURNE PORTS, VICTORIA) (Treasurer) - The honourable member will be aware that there is a Bill before the House at the moment dealing with tax havens in Norfolk Island and other territories. We are closing that loophole effectively. In the course of speaking during that debate I indicated that we will take all measures necessary and show no mercy to any other unscrupulous people who try to shift the origin of what is obviously income derived in Australia to something called a tax haven. We can legislate directly about our Territories. We will have to use other methods as far as Australians endeavouring to use areas outside our territorial jurisdiction are concerned. But we are well aware of the attempts and we will more than match the skill and the ingenuity of those who are trying to evade the payment of tax.

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