House debates

Tuesday, 16 October 2018


Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018; Second Reading

12:43 pm

Photo of Chris BowenChris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Hansard source

The Labor Party will support this Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018 and will facilitate its passage through the House. As we indicated on Friday, the Leader of the Opposition and I, and the Labor Party, do support lower tax rates for small and medium enterprises. The government changed position and said that these tax cuts should be brought forward, and we were happy to facilitate that change of position. You wouldn't know it from the Treasurer's tweet following the announcement of the Labor Party's position. It was hardly the most constructive or welcoming or considered tweet. He said: 'You can't trust Labor when it comes to small business.'

I'd hate to see what he would have done if we'd opposed his legislation, if we'd come out and said, 'Small and medium enterprises will have the same tax rate regardless of whether you vote Labor or Liberal, but under a Shorten Labor government businesses will have access to the Australian Investment Guarantee as well, which is accelerated depreciation.'

Mr Frydenberg interjecting

We're trying to help you here, Treasurer. I'd hate to see what you'd do if we were being unhelpful.


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