AUSTRALIAN COMPANIES
Tax Benefits Called For
(N.Z. Press Assn.—Copyright) SYDNEY, July 7. Australia should institute a depreieiatton allowance on commercial and industrial buildings to encourage overseas investment, a real estate businessman, Mr L. J. Hooker, said today. Australians should also have a 50 per cent, interest in overseas companies which invested in the Commonwealth, he said. Mr Hooker, who has returned home after an overseas tour, said a tax depreciation allowance on industrial and commercial buildings would give a “great incentive” to investment from overseas sources. "It should be in our next Budget," he said. “After the war we had a 40 per cent, depreciation allowance for machinery and it was a gireait pity that it was ever abolished.” Mr Hooker said he would like to see overseas companies investing here on a SP-5O basis with Australian capital “although 30 per cent, would not be too bad.”
He said Australian industry was being allowed to fall into overseas hands because of the lack of cheap and readilyavaiilaible finance.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19630709.2.61
Bibliographic details
Press, Volume CII, Issue 30178, 9 July 1963, Page 9
Word Count
168AUSTRALIAN COMPANIES Press, Volume CII, Issue 30178, 9 July 1963, Page 9
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.