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Thursday, 18 June 2009
Page: 6618

Mr BOWEN (Minister for Financial Services, Superannuation and Corporate Law and Minister for Human Services) (10:42 AM) —I would refer the honourable member to page 13 of the Reform of the taxation of employee share schemes consultation paper that I released prior to the reshuffle. Page 13 has a table in relation to the revenue estimates. It indicates that the total revenue from the measure over the forward estimates would be $145 million. The honourable member is correct to say the revenue from the original measure was $200 million. This table shows a reduction in revenue in 2009-10 of $10 million, in 2010-11 of $50 million, in 2011-12 of $10 million, and in 2012-13 of $15 million, with a total of $55 million over the forward estimates. Importantly, I would draw the honourable member’s attention to paragraph 44 on the same page, which states:

Whilst the modifications produce a smaller revenue savings over the forward estimates, the Government expects the modifications to result in additional revenue over a longer time horizon.

The situation, as the honourable member would know, is that these estimates are conducted by the Treasury, not by the tax office. However, the tax office provides raw data for the Treasury then to estimate. The revenue estimates are done independently by the Treasury, with no interference by me or my office. In relation to the assumptions, that is a matter for the Treasury. As is the practice under the previous government and this government, we do not release the assumptions underlying modelling which is conducted by the Treasury.