Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

The government will not be supporting this amendment. There are legitimate issues that Senator Xenophon raises—some of which I agree with, some of which I do not agree with. As Senator Joyce has indicated, this legislation is about a clearing house for superannuation; it is not about a public benefit test for religion. It is about protecting 19,000 investors who have lost money in forestry investment schemes from an inappropriate tax outcome. The legislation is also about eligible managed investment trusts. It is about as far away as you could get from a public benefit test that would apply to charities.

Senator Xenophon, you have pointed out that there were some recommendations in the independent tax review. I am also aware a Productivity Commission report has been finalised on this issue of charities. So, whilst I accept that you are keen to make your point—and you are perfectly entitled to make your point—this is not the appropriate place to be cross-inserting a public benefit test in this type of legislation.