Nick Xenophon (SA, Independent) Share this | Hansard source

Senator Cameron says that ASIC have no money—well, they have money, but whether they can do the enforcement that they are meant to is another issue. So I would be grateful if the minister could advise: in what material respects is the amendment being proposed by Senator Di Natale any different to the amendment that the Senate agreed upon in terms of general-purpose accounting? That is the first question. I understand that the first difference may be in terms of reporting to ASIC or to the ATO. The other concern is: will this do what is intended in the amended form by the government? Will those companies that have been grandfathered out of the system, that have been exempted, be exempt from these provisions in respect of what the government is proposing?

That is for starters. I know I am being boring, but I want to deal with the substantive measures here. I want to see what we are getting as an alternative in respect of this and whether it will deal with that key issue. At the risk of damaging his journalistic career, I call this the Michael West amendment, because Fairfax business journalist Michael West has been writing about this articulately for some considerable time and it was his investigative work that influenced me to put this amendment up in the first place.