Bob Katter (Kennedy, Independent) Share this | Hansard source

by leave—I move:

(1)

Schedule 4, item 1, page 14 (lines 5-6), omit the item.

(2)

Schedule 4, item 2, page 14 (line 7) to page 24 (line 9), omit the item.

The sections in question relieve foreign entities and foreign people from having to pay capital gains tax in Australia. I am not going to go into the detail of what their assets are, but clearly shares are what we are in the main talking about. Australians have to pay that capital gains tax. The argument that will be put by the government is that these people pay capital gains tax in their own country. That is fine—the Americans, the Europeans and the Japanese can benefit from what these people do in this country. But the people of Australia should also benefit.

There should be no discriminatory legislation. It is bad enough having discriminatory legislation in any form, but when it discriminates against your own people it is, quite frankly, unbelievable. I find it incomprehensible. I am even a little bit worried about making press releases, because I think that people will not believe that what I am saying is true. I find it quite extraordinary. I am moving that the offending section of the bill be removed from the bill.

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