Senator GALLAGHER (Australian Capital Territory—Minister for the Public Service, Minister for Finance, Minister for Women, Manager of Government Business in the Senate and Vice-President of the Executive Council) (14:39): I thank Senator McKenzie for the question. As senators in this place would know, under prudential requirements all superannuation funds are required to consider diversification in liquidity when making investments, and, if funds are doing this, they should have some liquid assets to meet any tax liabilities. There are a range of cashflow requirements within an SMSF, not just tax liabilities, which trustees must consider. These include, for example, accounting administration costs, investment fees and the costs associated with maintaining real assets, such as property. For SMSFs with balances in the retirement phase, liquidity is also required for the purpose of meeting pension payments, including on those minimum drawdown requirements. Individuals can also hold their assets in super and elect to pay the tax or any tax liabilities they have by using savings outside of superannuation to avoid paying from their business assets. So, we have been clear on what this change is about. It is for those with high-balance accounts—over $3 million. We know there are accounts with hundreds of millions of dollars in them. Superannuation is primarily about having a dignified retirement and being able to have savings available to you during your retirement years. What we are doing is making a very modest change to the concessional arrangements that remain concessional for those with balances over $3 million. As to individual superannuation advice, I'm not in a position to give it, but I have made clear— The PRESIDENT: Senator McKenzie? Senator McKenzie: A point of order on relevance: for the last 10 seconds left in the minister's ability to answer, the question was, due to the change made, will farmers now be subject to tens of thousands of dollars of additional tax as a result of unrealised gains? The PRESIDENT: Thank you, Senator McKenzie. The minister is being relevant. Minister. Senator GALLAGHER: Well, as I've said, I'm not here to give individual tax advice on arrangements I have no knowledge of. I have set out the government's policy. I have already— (Time expired) The PRESIDENT: Senator McKenzie, a first supplementary question?