QUESTIONS WITHOUT NOTICE

Senator WONG (South Australia—Minister for Foreign Affairs and Leader of the Government in the Senate) (14:52): We are changing the discount available. That is what we are changing. We are also making sure it applies across all asset classes.

I can't be any clearer than that. What I would say to you, Senator, is that this is part of a set of tax changes, both on capital gains and negative gearing and also on income tax, which represents one of the largest changes to Australia's tax arrangements in a generation. They will ensure that income from assets is taxed in a way that is analogous to income from work— The PRESIDENT: Senator Cash, on a point of order?

Senator Cash: It's on direct relevance. It was a very simple question. The minister has admitted assets will need to be valued.

It is a simple question: who needs to pay for the valuation? The PRESIDENT: The minister is being relevant to the question. I am listening carefully and I appreciate that the interjections have stopped, so I thank you all for that.

Senator WONG: Again, the change that is being applied is in relation to the discount on capital gains tax. That change has been put forward for many reasons, one of which is that it ensures that asset gains are more equitably, fairly and consistently taxed. The package also ensures that income from— (Time expired) The PRESIDENT: Senator Kovacic, second supplementary?