Finance minister Mathias Cormann has confirmed a deal has been struck with the Palmer United Party on FOFA, meaning the Opposition’s disallowance motion does not have the numbers.
Senator Dastyari filed a motion in the upper house just moments ago, rising to “firmly and loudly put my voice on the record to oppose the amendments to the FOFA legislation”.
While Senator Dastyari was supported in the motion by the Greens – with Senator Peter Whish-Wilson rising to voice support in the chamber – and independent Nick Xenophon, the motion was unsuccessful, defeated 34 votes to 31.
Finance minister Mathias Cormann rose to confirm speculation that a deal had been struck with the Palmer United Party, giving the government the necessary votes to ward off a challenge.
“I am pleased to inform the senate that I have been consulting with the cross-bench senators and in particular with Mr Palmer representing the Palmer United Party and the Motoring Enthusiasts,” Senator Cormann said.
“The government has reached an agreement with the Palmer United Party and we have written to Mr Palmer to take on board his positive suggestions.”
More to come.
The SMSF Association is the latest body to push for the inclusion of managed investment schemes in the CSLR; however, ...
While the rules around the tax deductibility of advice fees were technically updated in December 2023, the profession ...
Financial adviser at Complete Wealth, Dr Ben Neilson, explains how advisers have improved their perceived value over the ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin