Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Hansard source

I thank the honourable member for his question. Of course, he completely misrepresents the Assistant Treasurer, as per usual. I completely repudiate what he said about the Assistant Treasurer. Can I also refer the honourable member to section 26-52 of the Income Tax Assessment Act 1997, which provides as follows:

You cannot deduct under this Act a loss or outgoing you incur that is a *bribe to a foreign public official.

It is quite specific. If anybody has attempted to deduct a bribe to a foreign official, it is in breach of section 26-52(1). The Commissioner of Taxation, who enforces the law, has the power to adjust any such tax and to impose penalties and an interest payment in relation to that. The Commissioner of Taxation has full power in relation to this matter. The question, unfortunately, is based on a false premise. I have full confidence in the Commissioner of Taxation to enforce the provisions of the Income Tax Assessment Act.

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