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Thursday, 15 November 1973
Page: 3373

Mr MARTIN (BANKS, NEW SOUTH WALES) - Has the Treasurer's attention been drawn to reports in this morning's Press concerning the exemption of mining income and dividends from income tax? Can he explain what the Government has decided is to be done about the exemption of this income?

Mr CREAN (MELBOURNE PORTS, VICTORIA) (Treasurer) - I thank the honourable member for asking that question because it gives me the opportunity to explain what Caucus did and did not do yesterday. I might mention that what was done in Caucus, no matter how powerful that body is, has nothing to do with the fall in the price of gold this morning. The

Budget Bill in the form in which it is currently before the House does 3 things as far as this matter is concerned. It takes away exemptions that formerly applied as to 100 per cent of gold mining profits, as to 20 per cent of profits from mining other prescribed minerals, and as to dividends declared after Budget day out of profits which have been exempt as gold mining or prescribed mineral profits. What yesterday's Caucus decision does is to withdraw and defer action on eliminating the tax exemption for gold mining profits and the 20 per cent of profits from mining certain other minerals.

However, what the Caucus decision did not do was withdraw the provisions concerning dividends paid out of those profits. That matter still stands as it is currently before the House.

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