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Thursday, 6 December 1973
Page: 2591

Senator COTTON (New South Wales) - In relation to Income Tax Assessment Bill (No. 5) 1973I formally move:

At end of motion add: but the Senate is of of the opinion that the provisions of the Bill are a contravention of the Government's electoral undertakings not to increase taxes and that the Bill specifically-

(   a ) Imposes unwarranted taxes on pensioners.

(b)   Eliminates incentives for manufacturing industry inconsistent with the economic requirement to increase productivity and ease the pressure on domestic resources.

(c)   Removes or drastically reduces important rural productivity incentives.

(d)   Jeopardises the savings and future security of Australians holding life assurance policies.

(e)   Places inflexible rules on the sale of property which take no account of reasons unconnected with profit motives such as illness and additional family responsibilities.

(f)   Impedes the development of small businesses by increasing the rates of private company tax.

(g)   Places added cost burdens on Australia's wine and brandy producers especially the smaller producers of wine grapes'.

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