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Wednesday, 11 November 2015
Page: 8252

Senator WHISH-WILSON (Tasmania) (12:27): With all due respect, I think we have determined that the information ASIC already requires these companies to lodge is significantly more detailed and comprehensive than what we are asking for. For your information, as you were not in the chamber a little bit earlier—as Senators Bilyk and Ludwig pointed out—in the Greens amendment with which we are seeking to bring back the better disclosure requirements, we are asking for four things: an ABN and name; total income for the year; total taxable income, or net income; and, income tax payable. This is only a fraction of what is on ASIC. So, in relation to your answer to me about this being about red tape, I fail to see how there can be any red tape involved with just asking for four simple things on a register, considering that the information is already available. The Senate looked at this when the bill was first introduced, and there was very little cost involved in bringing this in. This was looked at in 2013 by the Labor government and by various committees. We are not talking about a significant amount of red tape here. Could you please address that question?