Senator SHERRY —My question is to Senator Kemp, the Assistant Treasurer. Minister, will you confirm that the capital gains tax rollover relief is available to people irrespective of their personal wealth? Specifically, will you confirm that someone who may have non-business assets, such as an art collection or an antique collection, worth many millions of dollars will also be eligible for CGT rollover relief, provided their net business assets are under $5 million?

Senator KEMP —Thank you for the question on the capital gains tax rollover relief which, as Senator Sherry knows and as the Labor Party knows, is one of the many promises that the coalition government has delivered—not delivered 100 per cent, Senator Sherry, but delivered 110 per cent. This is a policy which has been widely welcomed throughout the community, particularly the small business community, which Senator Schacht would know from his previous experience.

You will be well aware of the tests that are actually involved and the net asset value limit of $5 million. What I will do, Senator Sherry, is look to see whether there is any merit in any points that you have made in your question. The issue is for active assets, and you would be aware of the test for small business enterprises which have a net asset value of $5 million.

Senator SHERRY —Madam President, I ask a supplementary question. As usual, no answer. Minister, do you stand by the budget estimates as to the cost to tax revenue from this measure, given that you replied in an answer to me on 25 November that, `There is insufficient information available to be able to say how many small businesses will be eligible for rollover relief'? Given this, Minister, on what basis do you calculate the cost to tax revenue of this measure?

Senator KEMP —Senator Sherry, I do not know why you seem to be so critical of this measure. My memory is that you asked this question in Senate estimates, and it was mentioned to you, Senator Sherry, that it is based on the best estimates which are available. We have indicated now that this is a $200 million injection into small business which—and I have to tell you, Senator Sherry—despite what the Labor Party may think, is widely welcomed.