Are our PM’s investments any of our business? 184



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Labor has slammed Malcolm Turnbull for his foreign investments, throwing doubt over whether Malcolm Turnbull is following tax rules.

At first glance, Cayman Island investments may seem tax-free, but Turnbull explained that he does pay tax in Australia for the funds.

“When I became a minister all of my investments were approved under the Ministerial Code of Conduct by the Secretary of [the Department of Prime Minister and Cabinet],” he said in a written response, reports The Guardian.

“In order to avoid conflicts of interest almost all of my financial investments are in overseas managed funds which means that I have no say in which companies they invest in”.

“Thousands of managed funds with investors outside of the USA are registered in the Cayman Islands with the result that the income of the fund is taxed in the hands of the investors in their own home jurisdictions. So all of my income from my investments including funds registered in the Cayman Islands is taxed in Australia.”

“No Australian tax is avoided. Australian tax is paid in full.”

NSW Labor senator Sam Dastyari suggested that the new PM’s investments were questionable and whether Turnbull was giving the full story.

Mr Dastyari admitted while the PM’s investments were legal and disclosed when asked, it showed the Liberal governments opposition to tax transparency for the mega wealthy.

One of Mr Turnbull’s Cayman Island funds was registered in “Ugland House” a building that is home to about 19,000 companies, and one shrouded in controversy. Even Barack Obama said it was “either the largest building in the world or the largest tax scam in the world”.

“There is one reason I know why people invest in the Cayman Islands and that is so they don’t have to play by the same rules as the rest of us,” Dastyari said.

“How is it acceptable the prime minister has investments sitting in the Cayman Islands, every time the Liberal party votes against tax transparency, remember there is a house in the Cayman Islands, a house where Malcolm’s money resides”.


So we want to know today: Do you feel that the PM has to be transparent and play by the same rules as us or is it his money, his business? Is it good that we have a PM who knows a thing or two about money?

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  1. Last night the welfare card was passed on the indulgence of a billionaire Miner, and under the direction of a multi millionaire PM who hides his money in the Cayman’s,instead of paying taxes here. Punish the poor and reward the rich is The Liberal Party way

    6 REPLY
    • He says the income from the fund is taxed, but is the principle taxed? Why not invest here if all taxes are being paid

    • Muriel O’Hare none of them are mega rich like Turnbull nor do any of them have as much money to hide to avoid paying taxes, if Turnbull is in the right he will give full disclosure and put this incident to bed , if not this will drag on until the next election

    • Spot on there Libbi, we aren’t all that stupid, that’s why they invest in places like this. Apparently there are 19,000 company’s registered in the one place. lol lol

    • Lee, there is apparently one little office the size of a garden shed and all these companies use that address, lol

  2. That is the problem in this country, the rich avoid paying taxes while of us barely struggle along. The PM is a good example of it

    1 REPLY
  3. And Bill Shorten does the same through his superannuation, probably the same for most Australians who have a superannuation fund

    3 REPLY
    • I would rather have a PM who has worked his way up from struggle street and been a success before entering politics versus a union hack who has never worked in his life. I similarly dislike career politicians like Abbott and Pyne. So your argument is that because he has been successful in life, he must be corrupt, way to go.

  4. No. Everyone is entitled to invest anyway they please. He was needed because he us astute in financial affairs. Unlike some others

    4 REPLY
    • Lee Horrocks Anne made it perfectly clear.hes made money he can invest where he likes. Also just maybe he will be allowed to make this country lots of money

    • Seriously, why do they invest in tax havens? Answer – to reduce their tax!! Now he claims that he pays tax to Australian tax office on his share of the earnings made.
      1. Does that mean that his wife does not? This would be pretty poor, considering she is married to a PM.
      2. Is the tax he pays less because he has invested in the Cayman Islands?
      Whatever the true answers may be, it is pretty damning in my books when extremely wealthy people find all sorts of ways to reduce or eliminate their fair share of the tax burden and ordinary wage earners carry the load.
      Power and privilege benefit again.i

    • That’s how they get rich. They know the breaks. Hence they can find them also. Still – seems unfair but Judge in UK almost patted my BROTHER on THE head and in admiration state ‘ so you have been to the Caymen ISLANDS” what a good boy. He had just forfed my motgers will and lawyers were all in cahoots. In the end i landed up trying to do leagles on my own. I was up against Queens Council. So with no idea of courts bundles and all the other things was a litigant in person. With both the magistrate and the QC on the same side. That’s life. If the courts are corupt do not worry about those who know where their money makes the most. If you could you would? No?
      Life’s a bitch.
      Do you think Joe Hockey was traveling 2bd class with his family and laughing at us with his cigars. We are all human. If we could and knew how would we not?

  5. One rule for the rich another for the poor, but at least the poor pay taxes !!

    1 REPLY
    • Do you know where your Superfunds are invested? Of course not, as long as your money gets a return we’re all happy, isn’t that what they’re meant to do? A lot of managed funds invest off shore to diversify their investments.

      1 REPLY
      • I would chose Malcolm Turnbull to manage my superannuation over Bill Shorten or for that matter any of the other ALP losers. Similarly I want a successful person with a proven track record of success to manage the country. Successful people always make more money, than losers.

  6. Most definitely, Malcolm Turnbull and all his cronies should have to be TRANSPARENT WITH THEIR INVESTMENTS, the same as everyone else in Australia, and pay their TAXES like everyone.

  7. I am in 2 minds about this. On one hand I think that the PM like all other public figures should be open and up front about his private investments. Obviously this is happening so that is good. On the other hand I think that everyone is entitled to their privacy. So ultimately I think his position in public life does make him different to us ordinary people so his private financial affairs must be open to public scrutiny. Should we be able to dictate where he invests his money? The short answer is no. As long as it is legal we have no right to meddle in his financial affairs.

    2 REPLY
    • I agree Debbie, however the Tax Office knows everything there is to know about me, so if it’s all legal I don’t have a problem, but how do we know for sure? He could be telling us what we want to hear.

    • If he is honest and this is all above board, there should be no problem with him disclosing his assets. He is the Prime Minister and everything should be open and transparent for the man who want to run this country

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