Chris Hayes (Fowler, Australian Labor Party) Share this | Hansard source

I rise to speak on the Tax Laws Amendment (Small Business Measures No. 1) Bill 2015 and related legislation, which flows from the introduction of this year's budget. The first bill amends the Tax Rates Act 1986, reduces the company income tax rate by 1.5 per cent, lowering it from 30 per cent to 28.5 per cent. This will apply for small businesses with an annual turnover of under $2 million. The second bill before us temporarily increases the $1,000 threshold for the costs of depreciating assets under the small business equity capital allowance provisions to $20,000. This will apply to small businesses with a turnover of less than $2 million, and there is no plan to extend this beyond July 2017.

There are some very rare and isolated positive measures to be found in the Abbott government's 2015-16 budget. The provisions in respect of small business, I must say, is one of them. They are certainly much-needed measures to assist small business, and it is essential that these matters be dealt with without delay. We saw today in the House something quite extraordinary. After weeks of urging the immediate passage of these bills, those opposite voted to delay the legislation being passed. It was quite extraordinary. After all, come the last budget, it was made very clear by both sides, who supported this, that it should be dealt with expeditiously. It is a matter of record now that Labor was prepared to immediately pass the small business measures in the House, whilst those opposite voted to have more talks before passing this legislation. I suppose I am grateful that they did, because it gives me the opportunity to talk about small business, and small business in my area. But I would have thought that the overriding imperative would be to actually pass the small business legislation by agreement.

Let it be clear: we were all for speeding up the process. We were all for seeing passage through this place as quickly as possible. I am not sure what went through the head of the minister sitting at the table at that stage who decided to vote against it.

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