The Future Fund gives evidence at Senate Estimates hearings three times a year. It has done so since the Fund was created in 2006.
As part of its regular appearance the Chairman of the Future Fund, Hon Peter Costello AC, on 20 November 2014 answered questions in relation to the Future Fund’s tax status and its exemption from tax in Australia. The transcript is available here (pages 48-51).
On 24 February 2015 the Fund’s Managing Director, David Neal, attended the next regular Senate Estimates hearing and was available for questions on any issue, including taxation. He responded to a range of questions from Senators. None raised questions about taxation on this occasion.
The Future Fund will attend the next regular Senate Estimates hearing in May 2015 and the Managing Director will again be available for any questions from Senators.
There is a current inquiry into corporate tax avoidance by the Senate Economics Committee. The Future Fund is not a corporation and it is not subject to tax. It has indicated that it has no evidence to give about corporate tax avoidance. It is happy to give evidence on the taxation of Sovereign Wealth Funds (of which it is one) and will continue to do so in its regular appearances.
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