Bridget Archer (Bass, Liberal Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer and concerns the government's new super tax. I refer the Assistant Treasurer to his answer yesterday to the member for Grey. Was everything in his answer accurate, and does he need to inform the House of any detail that was inaccurate or misleading?

Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for her question. As I recall, to the best of my recollection, I was asked—

Opposition Members:

Opposition members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! Members on my left. The minister is entitled to be heard in silence, just as the member for Bass was.

Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

I was asked by the member for Grey about a hypothetical situation with a small self-managed superannuation fund that had a farm in it. I made the observation that, under the existing law, under the existing superannuation administration act, trustees have obligations. Indeed, under section 52(b) of the legislation, trustees have existing obligations. They have obligations to have regard to the liquidity of assets within their fund, the diversity of assets within their fund and the ability of the fund to discharge its obligations, including taxation obligations. I stand by the answer that I gave yesterday.