The Senate

Second Reading Speech

by the Minister Representing the Treasurer Senator the Hon. K.Mc. Anderson

This Bill is the third of the series of measures to give effect to the Drought Bonds Scheme. It contains the amendments to the Income Tax Assessment Act necessary for the purpose of allowing tax deductions for subscriptions to drought bonds, for the inclusion in assessable income of appropriate amounts on redemption of bonds on account of drought, fire or flood, and for the imposition of the special tax payable on redemptions for other reasons. The broad substance of these amendments was explained in my speech on the Loan (Drought Bonds) Bill 1969 and explanations of the finer technical details are contained in a memorandum being made available to Honourable Senators.

I commend the Bill to the Senate.