Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

My question is to the Prime Minister. I refer to the Prime Minister's answer where he referred to actions that he took when he became a minister. Given the Prime Minister's register of interests shows new investments in the Cayman Islands were being declared on 18 June 2014, 19 January 2015 and 16 June 2015, can the Prime Minister confirm his Cayman Island investments were made after the tax commissioner had described it as a tax haven? Can the Prime Minister also confirm the income from those investments is higher because they are located in the Cayman Islands?

Mr Nikolic interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Bass will cease interjecting.

Mr McCormack interjecting—

The member for Riverina will cease interjecting; he is denying the Prime Minister the call.

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

The honourable member's inability to understand the way in which thousands of managed funds with international investors—by which I mean investors outside of the United States—use the Cayman Islands is really quite remarkable. The fact is that the consequence of an Australian investing in a managed fund—and I think if honourable members opposite look at their superannuation funds they may find that many of them are invested in international managed funds which are domiciled in the Cayman Islands—is to ensure that all of the tax is paid in Australia. It actually increases the tax that is paid in Australia. The honourable member's inability to understand the way in which these funds operate is remarkable. The fact is that all of my and my wife's income from managed funds is taxed in Australia—

Ms Plibersek interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Sydney will cease interjecting.

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

and that all of that income is taxed here in full.