Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

The honourable member's inability to understand the way in which thousands of managed funds with international investors—by which I mean investors outside of the United States—use the Cayman Islands is really quite remarkable. The fact is that the consequence of an Australian investing in a managed fund—and I think if honourable members opposite look at their superannuation funds they may find that many of them are invested in international managed funds which are domiciled in the Cayman Islands—is to ensure that all of the tax is paid in Australia. It actually increases the tax that is paid in Australia. The honourable member's inability to understand the way in which these funds operate is remarkable. The fact is that all of my and my wife's income from managed funds is taxed in Australia—

Ms Plibersek interjecting—

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