On Tuesday 14 March 2000, (Hansard page: 12436) Senator Denman asked me:

Can the Minister inform the Senate of the reason that the Australian Taxation Office took six months to finalise tax exemptions needed to establish the trust fund for families of those killed during the 1998 Sydney-Hobart yacht race?

The Commissioner of Taxation advises me that the time taken to approve the CYCA Sydney Hobart Yacht Race Safety of Life at Sea Trusts Assistance Fund was not nearly as long as the six month period that has been suggested recently both in this Chamber and in the press.

The Commissioner stated that while the period from the initial contact from the Fund organisers to completion of the approval process was in the order of six months, the organisers only submitted the final documentation for the proposed fund a few days before approval was given. Once that final documentation was provided to the ATO, approval was given within four (4) days.

For obvious reason the ATO is unable to grant approval for a fund until such time the final documentation is available.