Senator MARGETTS(8.36 p.m.) —As I indicated in the second reading debate, I support the ALP move to limit the opportunity to use this government measure simply as another tax loophole accessible by the rich, because it is a tax deduction ultimately dependent on high income. I support the move to include a means test applied to the taxpayer as well as their spouse. There is really little need to give tax breaks to rich people to provide for their spouses. They can, and do, provide adequately. If they do not, there is general legal recourse open to at least the married spouses of such rich people.

I have opposed this schedule, as honourable senators know. Given that I have been unsuccessful in eliminating it, I do seek to limit its ambit as a means for the well-off to rearrange family assets for the purpose of tax minimisation. A minimal means of doing this is to exclude the very rich from a scheme through an income and assets test. I will support the amendments.