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Thursday, 21 March 1985
Page: 609

Senator WATSON(8.32) —Given that the Parliament will reject the operative date proposed by the Australian Labor Party of 1 July 1980 and substitute the date of 12 May 1982 as proposed in Senator Peter Rae's amendment, I ask the Minister for Finance (Senator Walsh) to confer briefly with his adviser and tell us how much so-called revenue lost as a result of not making the legislation retrospective to the Government's date but to 12 May 1982 will be picked up as a result of the application of section 260 of the Income Tax Assessment Act dealing with sham arrangements and the application of the Ramsay decision. As he well knows, the Australian Taxation Office is applying such decisions to some of the schemes that would otherwise have been caught by the net before the Parliament today. Could we have that figure, please?