Nick Xenophon (SA, Independent) Share this | Hansard source

Whilst we are dealing with the first lot of amendments—appropriately moved by Senator Dastyari so that it will be split—it is relevant to understand, before we vote on this, the context of the amendments that are being proposed as a result of the agreement between the Australian Greens and the coalition in relation to this. Senator Di Natale has an amendment that he will be moving that seeks to supplant the amendment that was accepted and voted on by the Senate—3D, reporting of information about significant global entities. My question to the Minister for Finance is: to what extent is what has been agreed between the government and the Australian Greens in terms of the significant global entities reporting requirements—this relates to general purpose accounts? It is very important to find out, as Senator Cameron alluded to, how the Googles, the Apples and these large multinational corporations and pharmaceutical companies, Big Pharma—and I acknowledge the work that Senator Dastyari has done on this and indeed former Senator Milne.

I am just trying to understand for the purposes of this debate: what are the differences between the two? When you have international tax experts who do not work for the big end of town asking questions, will it be based on consolidated revenue—I am asking specific questions, for instance, whether it applies to consolidated revenues? Does it have to be a general purpose financial statement Tier 1 as set out in accounting standard AASB 1053, the same as for companies listed on the ASX—these are technical questions but they are important as to how this will work. I just want to make sure that it does what it is intended to, so I ask these questions genuinely of the finance minister. I just want to get to the core of the substance of what we are dealing with here.