Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

) ( ): I am not going to discuss the individual tax affairs of individual taxpayers—that would not be appropriate. Senator Whish-Wilson talks about forensic accounting and asks whether I support that. I support the system that we have in Australia where the tax commissioner independently administers and enforces compliance with our tax laws. I think that that independence is very important indeed if people are to have confidence in the integrity of our system. I do not think we want to politicise the administration of our tax laws, and I think the tax commissioner ought to have the powers—and the tax commissioner has the powers—that he needs to ensure that those businesses generating profits in Australia, including multinational businesses, pay their fair share of tax here in Australia consistent with our laws.

Of course the bill that is in front of us is a significant step forward because it will give the tax commissioner additional powers. It will enable the tax commissioner to see through any contrived arrangements where a multinational company is seeking to avoid paying tax consistent with our laws here in Australia by taking advantage of those contrived arrangements. The Senate should support this bill unamended. We should not go down a path which all of the international experts have considered carefully and said is not the right way to go.