Sam Dastyari (NSW, Australian Labor Party) Share this | Hansard source

Labor will be supporting the amendment that has been circulated in the name of Senator Xenophon. We believe that the measure and this idea about greater disclosure does have an important role in making sure there is greater tax transparency and in resulting in better tax outcomes. I note that there is a similar amendment from the Australian Greens party. We believe that the threshold of $1 billion being proposed in the amendment by the Senator Xenophon is a reasonable amount and a reasonable threshold.

A lot has already been said in this chamber tonight about a special purpose approach by accountants and large firms. I do not believe too much more needs to be added to that. But it is worth noting that this is a tactic that is increasingly employed by large firms so they are able to structure themselves in such a way as to minimise their disclosure obligations. I think this is an important loophole that can actually be closed by going through this process. I also want to commend and acknowledge the work that journalist Michael West—whom others have made reference to tonight—has done in this space in highlighting this.

As I have said in this chamber before, we should not kid ourselves that global multinational tax minimisation is a cat-and-mouse game. It is the responsibility of parliaments like this parliament to create new rules to close loopholes. Of course, from time to time we have to be prepared to revisit laws and ideas and come up with new approaches. Again, I think this improves what is already a good bill, a bill that warrants the support of this Senate. I think this is just another addition and another measure that is worthy of that support. The Australian Labor Party will be supporting it tonight.