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

I wish to put a number of questions to the finance minister. I do not have an issue, if the Minister for Finance gets back to the committee stages not immediately but within a few minutes or half an hour so we can just understand this, because they are technical in nature.

I am very pleased that the finance minister has said on the record that they are better drafted—although I think that the Senate drafting office does a pretty damn good job, given their resources and the pressures they are put under. He says that this will give effect to what is intended. What was intended in the course of the debate on and the committee stages of this bill was to ensure that general purpose accounting requirements apply. So I am very pleased and I thank the finance minister for saying that.

My specific questions are: firstly, is the test for the application based on consolidated revenues as defined by accounting standards—that is, the same as in a large proprietary company test in the Corporations Act? For ease of reference to the advisers, I will provide a copy of these questions—that might be useful.

The second question I want to put on record is: does it apply to the Australian group defined as the ultimate Australian holding company and all of the entities it controls? Thirdly, does it relate to general purpose financial statements Tier 1 as set out in accounting standard AASB 1053—that is, the same as for companies listed on the ASX? Fourthly, is the same timely financial information being lodged with the ATO no later than four months after year end—the same deadline as in the Corporations Act? Fifthly, does it have to be audited and the lead audit partner has to rotate every five years—the same requirements applying for the Corporations Act?

I genuinely thank the finance minister for saying that this is about a better drafting for the intent of what the Senate wanted to do in terms of general-purpose accounts. I am grateful for that. I will go and see the advisers and give them a copy of these specific questions.