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Tuesday, 10 November 2015
Page: 8176

Senator CORMANN (Western AustraliaMinister for Finance and Deputy Leader of the Government in the Senate) (18:26): This is a tax integrity bill. What we are focusing on here is making sure that the tax commissioner has the powers that he needs to enforce compliance with our tax laws. What I said very clearly in response to Senator Whish-Wilson was that a requirement that an entity must prepare general-purpose accounts would be an excessive compliance burden because much of this information would be utterly irrelevant for tax compliance purposes and all of the information that is relevant for tax compliance purposes can already be obtained by the tax commissioner.