Media Releases

Labor opposed full disclosure of Trusts [13th Apr, 2000]
by Senator Andrew Murray

In today's debate on Taxation Laws Amendment Bill (No.8 1999) the Democrats were attacked by Labor for passing the Bill without insisting on a Labor amendment for greater clarity concerning political donations being funnelled through Trusts for the disclosure of trusts as regards political parties.

Since Labor is now showing such interest in this matter I remind the media of the attached amendment by me on Tuesday, 30 June 1998, and supported by the Greens and Democrats, but rejected by the Coalition and the Labor Party. A division was called to register the vote.

If Labor really want to show that they are keen on full disclosure and accountability for Trusts, then this is the amendment they should pass, not the weak and ineffectual version they have made so much of in tonight's debate.

ELECTORAL AND REFERENDUM AMENDMENT BILL 1998
In Committee
Tuesday, 30 June 1998

Senator MURRAY—I move:
(9) Schedule 1, page 35 (after line 3), after item 145, insert:
145A After subsection 314AC(2)
Insert:
(2A) The return must identify which of the amounts received are donations.
145B At the end of section 314AC
Add:
(4) An agent must return any sum which has been purportedly paid out of a trust fund or out of the funds of a foundation unless it is accompanied by a declaration, in an approved form, setting out:
(a) details of the beneficial and ultimate control of the trust estate, including by trustees; and
(b) the identities of the beneficiaries of the trust estate, including:
(i) in the case of individuals—their countries of residence; and
(ii) in the case of beneficiaries which are not individuals—their countries of incorporation or registration, as the case may be; and
(c) details of any relationships with other entities; and
(d) the percentage distribution of income within the trust; and
(e) any changes during the relevant financial year to the information identified in paragraphs (a) to (d).
(5) An agent must return any sum which has been purportedly paid by a club, whether the club is an incorporated body or not, unless it is accompanied by a declaration in an approved form, setting out:
(a) the purposes for which the club exists; and
(b) the identities of office-bearers within the club; and
(c) details of any relationships with other entities; and
the name and address (not being a post-office box) of any person or organisation which was the original source of the funds paid by the club to the party.