Andrew Leigh (Fenner, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

The data would be aggregate totals of funds transferred from Australia to overseas destinations. Since this type of information has been released under freedom of information, it is not considered controversial to release it under Labor's plan.

Another part of our plan is the disclosure of material tax risk for government tenderers—again, a recommendation of the Senate Economics References Committee. This would see any company tendering for a contract valued at more than $200,000 needing to disclose their tax domicile. The next part of our plan is to develop guidelines for tax haven investment by superannuation funds. Some Australian superannuation funds are known to invest in companies incorporated in tax havens. Our plan would ensure that they are transparent about their dealings in such jurisdictions.

Penultimately, our plan includes a publicly accessible registry of the beneficial ownership of Australian legal entities. While Australia committed to the G20 reforms on beneficial ownership transparency in Brisbane in 2014, the government has been slow to act. Transparency International rates Australia's overall beneficial ownership rules as 'weak', and the Financial Action Task Force found that Australia's beneficial ownership regime was only partly compliant regarding companies and completely noncompliant regarding trusts. We would require ASIC to establish a publicly accessible central register of the beneficial ownership of companies, trusts and other corporate structures. Finally, on the ATO's disclosure of settlements and reporting of aggressive tax minimisation: in its annual report, the ATO would be required to include high-level data about the value and number of settlements above a value of $50 million, providing greater transparency for Australians.

Labor's plan for cracking down on tax havens stands in stark contrast with the government's willingness to allow tax havens and other tax loopholes. While they stand for millionaires, multinationals and those who have stashed their wealth in the Caymans, we stand for battlers and middle Australia and for making sure that middle Australia gets their fair share. (Time expired)

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