Bills: Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 - Consideration of House of Representatives Message
Senator Patrick: I want to indicate that it's my understanding that we will not, in this instance, insist on these amendments being attached to this bill, because there is an urgent need for financial advisers to be relieved in terms of their requirements for professional qualifications. However, I will indicate to the chamber that the crossbench, the Greens and the Labor Party are quite determined to deal with this particular issue. We have a regime in the Federal Register of Legislation whereby 1,119 companies are excluded from having to lodge annual reports to ASIC. That creates the potential for aggressive tax minimisation through opaqueness. It has to go. We cannot have a privileged class of companies in Australia, where there is one rule for certain companies with certain owners and another for all other companies.