❓ A member of parliament questions the Minister for Finance regarding the disclosure of their self-managed superannuation fund (SMSF) and its potential role as a holding entity in their financial return. The Minister's response deflects and seeks clarification.
AnsweredQoN 1421Legislative Council
QuestionView source ↗
MINISTER FOR FINANCE — SELF-MANAGED
SUPERANNUATION FUND
1421. Hon DARREN WEST to the
Leader of the House representing the Minister for Finance:
(1) Is the Minister for Finance's self-managed
superannuation fund a holding entity?
(2) Is the
minister as trustee actually the holding entity on behalf of his self-managed
superannuation fund?
(3) If the
minister's self-managed superannuation fund is a holding entity, why
was it not disclosed in section 3 or section 6 of his 2012–13 financial
return rather than in section 11 as a discretionary disclosure?
(4) Does the
minister now accept that he misunderstood the Clerk's advice and should
have disclosed all interests in corporations that he held as trustee on behalf
of his self-managed superannuation fund?
SUPERANNUATION FUND
1421. Hon DARREN WEST to the
Leader of the House representing the Minister for Finance:
(1) Is the Minister for Finance's self-managed
superannuation fund a holding entity?
(2) Is the
minister as trustee actually the holding entity on behalf of his self-managed
superannuation fund?
(3) If the
minister's self-managed superannuation fund is a holding entity, why
was it not disclosed in section 3 or section 6 of his 2012–13 financial
return rather than in section 11 as a discretionary disclosure?
(4) Does the
minister now accept that he misunderstood the Clerk's advice and should
have disclosed all interests in corporations that he held as trustee on behalf
of his self-managed superannuation fund?
AnswerView source ↗
I thank the honourable member for some notice of this
question.
(1) The member
is requested to clarify the definition of a holding entity, as independent
professional advice has suggested that in this context it is a non-term.
(2) The minister and his wife are trustees of this fund.
(3) See part (1).
(4) The minister has never received advice to suggest all
interests in corporations should be disclosed.
question.
(1) The member
is requested to clarify the definition of a holding entity, as independent
professional advice has suggested that in this context it is a non-term.
(2) The minister and his wife are trustees of this fund.
(3) See part (1).
(4) The minister has never received advice to suggest all
interests in corporations should be disclosed.
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