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Monday, 16 June 2003
Page: 16569

Mr Murphy asked the Attorney-General, upon notice, on 26 March 2003:

Do the Australian Taxation Office, the Australian Securities and Investment Commission and the Insolvency and Trustee Service of Australia share information with a view to each body fulfilling its objectives laid out in its business plan; if not, why not.

Mr Williams (Attorney-General) —The answer to the honourable member's question is as follows:

Within the requirements of the Privacy Act 1988 and other relevant statutory secrecy provisions relating to personal information, the Insolvency and Trustee Service Australia (ITSA) shares relevant information with the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC) in connection with matters arising under the Bankruptcy Act 1966.

The ATO is notified by ITSA of new bankruptcies when the Commissioner of Taxation is a creditor. ITSA provides relevant information in respect of particular bankruptcies it administers to the ATO when requested to do so to assist ATO enquiries or investigations.

ITSA entered into a Memorandum of Understanding with ASIC in April 2002 which facilitates information sharing in connection with the regulation of insolvency practitioners, within the constraints mentioned above. ITSA also makes new bankruptcy information from the National Personal Insolvency Index regularly available to ASIC to assist ASIC administer its responsibilities.

ITSA will refer any information it uncovers that appears to relate to an offence against provisions for which one of the other agencies is responsible to that agency.