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Thursday, 15 June 1989
Page: 4083

Senator WALSH (Minister for Finance)(12.08) —What is the honourable senator asking me to confirm or deny? As far as the contributions tax in general is concerned people will be better off. In one case it is 15 per cent of 85 per cent; in other words, the pre-tax lump sum is 85 per cent of what it would have been had the 15 per cent contributions tax not been levied at the point of entry. Once all the amendments are passed we will have only a 15 per cent tax and that tax is levied on 85 per cent of the lump sum instead of 100 per cent if the change had not been made.