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Thursday, 5 December 1974
Page: 3213

Debate resumed on motion by Senator Wriedt:

That the Bill be now read a second time.

Upon which Senator Carrick has moved by way of amendment:

At end of motion, add- but the Senate is of the opinion that the provisions of the Bill which reduce the limit on deductions for education expenses from $400 to $150 seriously restrict the freedom of choice which now exists in the Australian education system, are a contravention of the Government's election undertakings and will impose unwarranted burdens on parents with children attending both public and private schools and, further, that the Bill specifically:

(a)   inadequately compensates home buyers for the massive rise in housing loan interest rates and takes no account of those persons unable to purchase a home;

(b)   jeopardises the bonuses of thousands of small investors by increasing the tax liabilities of Australian life assurance companies, and

(c)   further erodes the confidence of the Australian mineral industry by reducing vital incentives to investment. '

The DEPUTY PRESIDENT- We are dealing with the Income Tax Assessment Bill (No. 2) 1974 to which Senator Carrick has moved an amendment, a copy of which is in my hands.

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