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Thursday, 18 May 1972
Page: 1881

Senator WEBSTER asked the Minister representing the Treasurer, upon notice:

Is the Treasurer aware of a recent report by a group of leading accountants and auditors which stated that the final accounts and balance sheets of public companies will be qualified in reports by auditors unless the Board of Directors make provision for depreciation on buildings used for the production of income; if so (a) does the Treasurer consider this decision to be a wise and business-like approach to the ascertaining of true values of assets of that description, and (b) will the Treasurer give urgent consideration to allowing, as a deduction from income for taxation purposes, the depreciation so provided on buildings used in the production of assessable income?

Senator Sir KENNETH ANDERSON - The Treasurer has provided the following answer to the honourable senator's question:

I have not seen the recent report by a group of accountants and auditors to which the honourable senator refers and am not, therefore, in a position to express an opinion as to the merits of statements in the report. Further consideration will be given, in the context of preparing the 1972-73 Budget, to the question of depreciation allowances for income-producing buildings.

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