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Thursday, 21 March 1985
Page: 611

Senator WALSH (Minister for Finance)(8.46) —Before we get carried too far into fantasy land we ought to have a look at what the people who set up these schemes were doing. Let us look at what these people, whom the Opposition regards as hard working, moral paragons of virtue, were actually doing. They were donating via a trust to a charity amounts they claimed as deductions from current taxable income, but the money was paid to the charity 80 years hence. The deduction was claimed today; the money was actually paid over 80 years hence. In a nutshell that was what they were doing. Senator Peter Rae apparently sees that as a philanthropic transaction or at the very least an innocent and non-contrived transaction; I see it as plundering the public purse. I use that phrase advisedly, Senator Jessop, and I stick to it.