Malarndirri McCarthy (NT, Australian Labor Party, Assistant Minister for Indigenous Australians) Share this | Hansard source

Firstly, I would like to put on the record, in relation to Senator Colbeck's contribution, that there was certainly no expectation said about his response and his part in the committee process. I do think it's important that that is placed on the record. I would also like to respond to the allegations he made in relation to our process on this. We have conducted this to the best of our ability, and I certainly know the minister and the Department of the Treasury have done so to the best of their abilities. I think the allegations that reflect on the minister's conduct in this need to be withdrawn. There was certainly nothing spurious about the way this was processed and handled. I put on the record that I reject that outright, Chair.

As to Senator Smith's question on franking credits, we certainly created this in terms of preventing the double taxation of dividend earnings. We certainly stand by the imputation system and franking credits. They will remain completely intact. This measure will not affect the tax treatment of regular dividends, and the overwhelming majority of shareholders will be unaffected by these measures.

We did consult widely on this measure, and I bring my response back to you, Senator Smith, and your questions earlier around dates and times. I do not have those with me. I have said—and I put it on the record here in the Senate—that they will be brought forward to you. There is nothing being hidden here, and I reject that outright. Obviously, through the Senate inquiry we've heard the concerns. At no point did I say that the Senate inquiry had been completed. We heard concerns that further targeting of the measure would be beneficial. In response to these concerns, we've done what we have done here today.