Senate debates

Tuesday, 18 September 2007

Tax Laws Amendment (2007 Measures No. 4) Bill 2007; Taxation (Trustee Beneficiary Non-Disclosure Tax) Bill (No. 1) 2007; Taxation (Trustee Beneficiary Non-Disclosure Tax) Bill (No. 2) 2007; Tax Laws Amendment (2007 Measures No. 5) Bill 2007

In Committee

6:21 pm

Photo of Kim CarrKim Carr (Victoria, Australian Labor Party, Shadow Minister for Industry) Share this | Hansard source

It is quite apparent that the government has taken all those questions on notice. They are not able to answer these rudimentary questions about a measure for which they have allocated $500 million on a flatline assumption of $50 million a year for 10 years—on the assumption that, for all the international firms in this country, every year for the next 10 years $222 million will be calculated as the basis of the claims against expenditure. What an extraordinary proposition to put to this parliament. That is what is being said here, and there can be no explanation given by the government for the basis on which those calculations have been made.

I did not in fact expect any different. It is quite apparent that this is a matter that has been pulled out of the air. These figures have been pulled out of the air and they have been calculated on a 10-year flatline assumption. The government have never been able to get these calculations right; yet they are only too happy to point the finger at others who seek to establish a policy parameter in this area. It is quite apparent that the government is not able to answer these fundamental questions.

I turn to schedule 12. This is a matter to establish a new innovation board. The minister announced the chair and the deputy chair, but it has not been publicly stated how the rest of the 13 positions will be filled. How many board vacancies will be created by this measure?

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