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Thursday, 3 December 2015
Page: 9909

Senator XENOPHON (South Australia) (19:35): I indicate that I will be supporting this amendment. There are 1500 companies that have been part of this grandfathering arrangement, so-called. My understanding is that Treasury looked into this back in 2006. It reported, I think, at the end of 2006-07. There was a media release, as I understand it, on the Treasury website that has now been removed. It no longer exists. It has disappeared from the website. I would like to find out what that release said.

My understanding is that it actually supported the removing of these amendments. Furthermore, ASIC in their submission to the Senate inquiry into multinational tax avoidance in February 2015—chaired by Senator Dastyari at the time—said that this particular exemption could be removed. They did not put up any obstacles towards its removal.

As far as this grandfathering amendment—these 1500 grandfathered companies—it is time these 1500 grandparents got a bit of sunshine. That is what I think we should do and why I support this amendment very strongly.