Keith Wolahan Menzies, Liberal Party
2:34 pm
My question is to the Assistant Treasurer. Can the minister identify any act of parliament that currently has a provision to impose a tax on unrealised gains?
Stephen Jones Whitlam, Australian Labor Party, Assistant Treasurer
I thank the honourable member for his question. The object of our change is to ensure that we maintain the integrity of our—
Unidentified interjection - Hansard doesn't record who said this
Hon. Members:
Honourable members interjecting—
Stephen Jones Whitlam, Australian Labor Party, Assistant Treasurer
The objective is to maintain the integrity of our superannuation system.
Milton Dick Speaker
The member for Bowman will leave the chamber under 94(a).
The member for Bowman then left the chamber.
Stephen Jones Whitlam, Australian Labor Party, Assistant Treasurer
We will ensure that, as we implement our reforms to the superannuation system, we will have—
Milton Dick Speaker
The Assistant Treasurer was asked a very specific question. I'm asking him to address that in the answer.
Stephen Jones Whitlam, Australian Labor Party, Assistant Treasurer
This is a new reform. There is no doubt about it. And it is absolutely true that we are doing things in a different way.
Milton Dick Speaker
I'll call the Leader of the Opposition, on a point of order.
Peter Dutton Dickson, Liberal Party, Leader of the Opposition
The Assistant Treasurer has responsibility for tax laws.
Peter Dutton Dickson, Liberal Party, Leader of the Opposition
Clearly, it's relevance, Mr Speaker.
Milton Dick Speaker
Okay. Resume your seat. I've addressed the issue. I've asked the minister to be relevant, and he was within seconds of my giving that direction.
The Assistant Minister for Foreign Affairs will leave the chamber under 94(a). A general warning has been issued. It applies to all members in the chamber. And members will be referred to by their correct titles. I ask the minister to return.
Stephen Jones Whitlam, Australian Labor Party, Assistant Treasurer
This is a new reform. We are doing things in different way. I am asked by the honourable member if there is another part of the taxation law where unrealised capital gains are taxed. Yes, there is: corporations tax.