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Tuesday, 12 November 1974
Page: 2207

Senator DRAKE-BROCKMAN - Is the Minister representing the Treasurer aware of the apprehension in rural areas at the Government's proposal to introduce a capital gains tax at a time when rural producers are facing heavy reductions in net income? Is he also aware that people are demanding to know, as quickly as possible, the details of the new tax impost? Can the Minister say when legislation will be introduced into the Parliament?

Senator WRIEDT (TASMANIA) (Minister for Agriculture) -As is well known and, indeed, as has been stated on many occasions, the Government has accepted the principle of a capital gains tax. I believe the majority of Australians accept that principle. It has also been pointed out that the details of the implementation of that tax have not yet been determined. I can understand why the honourable senator has asked the question. Obviously, the Government will ensure that it does not implement this tax in such a way as would create undue hardship for those people who have not been benefiting from the lack of a capital gains tax. The purpose of the tax is to ensure that those people who have been making large sums of money from capital gains at the expense of the community in general will not be able to do so in the future. I understand that the legislation will not be ready until March, and certainly the details of the way in which the tax will operate will not be available before then.

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