Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

I note that Senator Watson is still here. I just want to clear something up. In referring to my comments about the tax office, self-managed superannuation funds and, in particular, Westpoint, I do not suggest that Senator Watson intentionally misconstrued my remarks. But let me make very clear what I am saying about the tax office and where I think the tax office has failed in its duty and responsibility—and I said this at the Senate estimates hearings. The tax office regulates self-managed superannuation funds. It has direct responsibility for their regulation. I accept Senator Watson’s point that ASIC has effectively direct responsibility for regulation of financial planners. That is a fact. It also has responsibility for independent clearing houses. That is a fact. ASIC does not have legal authority—although it is being contested, as I understand it—over so-called promissory notes, which were the financial mechanism in respect of Westpoint entities.

My point of concern about the tax office is that, since ASIC now knows the names of the planners who were promoting the use of self-managed superannuation funds in some, but not all, cases in respect of Westpoint, I asked the tax office at estimates—I did not want individual names and I did not ask for individual names of planners from ASIC; I specifically refrained from making that request—