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Wednesday, 6 December 1911

Senator McGREGOR (South Australia) (Vice-President of the Executive Council) - - At the present time it is possible tor a joint-stock company to hold a large estate, but that does not enable the company to evade taxation ; and the more shareholders or beneficiaries there are the more taxation they have to pay. Senator Stewart can be easy in his mind on that account.

Senator Stewart - What about joint owners sharing an estate under a will?

Senator McGREGOR - Under the principal Act, provision is made to grant relief to a certain extent. I am sure that Senator Stewart has no desire to penalize people unfairly. They will, however, have to pay their fair share of taxation.

Question resolved in the affirmative.

Bill read a second time.

In Committee:

Clause 1 agreed to.

Clause 2 (Definition of joint owners).

Senator WALKER(New South Wales) [6.2"). - Would the Minister in charge of the Bill kindly explain the expression " and includes persons who have a life or greater interest in shares of the income from the land " ? Does that mean a reversionary interest in a freehold?

Senator McGregor - Either a life interest or the fee-simple.

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