Kelly O'Dwyer (Higgins, Liberal Party, Minister for Small Business) Share this | Hansard source

I would like to very much thank the member for Swan for his important question. The member for Swan understands that taxpayers need confidence that those people who should be paying tax in Australia are in fact paying tax in Australia, and this is particularly true of multinational companies. Those companies that operate here and make profit here must pay tax here. It is a matter of fairness. It is a matter of fairness for mums and dads who are paying tax, it is a matter of fairness for those companies who are paying tax but it is also a matter of fairness for those small businesses that are paying tax. It is equally a matter of integrity. If we do not collect every single dollar owed to the Australian people, that means less money for infrastructure, for hospitals, for schools and for our Defence Force. Those opposite had six years to fix the gaps. They had six years to close the loopholes. They had six years to strengthen the penalties. Yet—even though the Leader of the Opposition and the shadow Treasurer had the levers at their disposal when they were in a position to act—they talked.

It has fallen to our government to act, and we have acted. Last year we passed the multinational anti-avoidance legislation, which has strengthened the powers of the Australian Taxation Office to levy tax on those companies who are shifting profits offshore in ways that are artificially structuring their arrangements. Also, we have doubled the penalties that apply to those people who are engaged in those activities. Even though we only passed this legislation last year—

Mr Thistlethwaite interjecting—

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