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Wednesday, 3 September 2008
Page: 4372


Senator JOYCE (10:49 AM) —This is my final question. Is the minister aware of any forward figures that pertain to the moving of the capital gains tax event horizon back towards the time of the set-up of the trusts? What would be the possible revenue stream to the Treasury from turning a capital gains tax exempt asset into a capital gains tax asset? Does the government have any proposed figures about that? Also, what will be the take to the Treasury from changing pre-1985 assets to post-1985 assets by the extinguishment of the trust? What will be the capital gains tax event there? I premise this question around my strongly held belief that this is another form of probate by deception.