Thursday, 3 December 2015
Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015; In Committee
I do not really want to engage in a huge political point here. I note that Senator Whish-Wilson did say in his own press release this morning:
The Grandfathering provisions put in place by the Labor Party are unacceptable and today's result will help build momentum to consign them to the scrap heap.
There is a way of consigning them to the scrap heap, and that is how you are about to vote.
Senator Whish-Wilson interjecting—
I think giving up is not the answer.
Senator Cormann, I want to slightly clarify my understanding of what initially happened with grandfathering. I do not know if it is worthy to go over some political matters here. My understanding is that it was a measure that was put in place in 1995. At the time, the PJC recommended a three-year sunset clause. Instead, a two-year review was undertaken. At the end of the two-year review, the Howard government, which was elected in 1996, chose not to remove it, and then the Labor government chose not to remove it either.