However,PM will remove his company Turnbull and Partners Holdings from exemption because it is now a ‘relatively small ... passive investment company’Malcolm Turnbull has defended an exemption allowing 1400 companies associated with Australia’s commerce elite to avoid financial reporting requirements but said he would remove one of his own companies from it because it was now a “relatively small ... passive investment company”.
While attacking the government for “fighting tooth and nail for mega wealthy companies to retain their tax arrangements secret” Labor is also resisting demands it vote to immediately end the exemption, suggesting instead the issue should be sent to a parliamentary inquiry for proper consideration.
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Source: theguardian.com