MALCOLM Turnbull invited Labor’s manager of opposition business to don a sandwich board declaring the Prime Minister has a “lot of money” as he mounted a withering counter-attack to the opposition’s continued questions of his multimillion-dollar investments in the Cayman Islands.

The invitation to Tony Burke, who the government has pointed out was among Labor MPs who also had funds tied up in the Cayman Islands, accompanied the self-made millionaire Prime Minister’s speech about his wealth to parliament, which brought a rowdy opposition to silence.

“If the honourable member (Mr Burke) wants to go round wearing a sandwich board saying ‘Malcolm Turnbull’s got a lot of money’ feel free. I think people know that I’ve got a lot of money,” Mr Turnbull said.

The Wentworth MP and former merchant banker said he and his wife Lucy got rich by working hard, but conceded there was luck involved.

“We’ve worked hard, we’ve paid our taxes, we’ve given back,” he said.

“Of course hard work is important but, you know, there are taxi drivers that work harder than I ever have and they don’t have much money.”

Mr Turnbull has millions of dollars invested in funds in the tax haven of the Cayman Islands. Some require a minimum investment of $1 million.

Mr Turnbull said all his investments are in overseas managed funds and he had no control over where those funds end up.

He said all profits made were declared as income earned in Australia and tax was paid at Australian tax rates.

The increased profitability, he said, meant he paid more tax in Australia than he generally would.

The government has pointed out that Opposition Leader Bill Shorten, his deputy Tanya Plibersek and Mr Burke also have funds tied up in the Cayman Islands.

http://www.dailytelegraph.com.au/news/nsw/malcolm-turnbull-labor-continues-attac...

Armchair_Politician wrote on Oct 16^th, 2015 at 5:28am:


If that is correct then they should all be criticised.

Armchair_Politician wrote on Oct 16^th, 2015 at 5:51am:


Would you call that Tax avoidance by proxy ?

Dnarever wrote on Oct 16^th, 2015 at 5:55am:


Since there has been no tax avoidance at all isn't your statement rather foolish?

Armchair_Politician wrote on Oct 16^th, 2015 at 6:33am:


Then why would he need money hidden in a tax shelter ? Believe him if you like.

Or if so why would he be earning money in the Caymans and paying Australian tax on it when it is not subject to Australian taxation ?

Dnarever wrote on Oct 16^th, 2015 at 10:33am:


It's not hidden - the relevant parliamentary offices know all about it and it's disclosed in his register of interests.

Armchair_Politician wrote on Oct 16^th, 2015 at 10:41am:


Probably the reason that I copied the comment in the record abuse topic or maybe I was defending your honour.

Dnarever wrote on Oct 16^th, 2015 at 10:33am:


There are many ways for you to be ignorant and you seem to want to try them all.  The income from investments is sent to Australia... Get that bit yet? It comes HERE and is taxed HERE.

By the way, the Future Fund and all super funds do the same thing.

A dope would have read the article and worked that out themselves.