House debates

Tuesday, 16 October 2018

Bills

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

4:31 pm

Photo of Jason FalinskiJason Falinski (Mackellar, Liberal Party) Share this | Hansard source

I know. I understand, but I can't remember the seat he's got. What they will never find, though, is an excuse to act like a party of responsible economic managers, because they don't have it in themselves to do it. The fact is that they are a party that now say that they will pay for this corporate tax cut. They will pay for it by abolishing the instant asset write-off. That's what the member for Fenner told this House. So, when they take with the left hand, they will take more with the left hand. That's what the Labor Party stand for. They're not going to give small businesses in this country a tax reduction. They're going to create more complexity. They're going to make it harder for people to create jobs, create work, create products and services that consumers want and create competition in our market. They will punish people.

The member for Fenner said that they can be trusted and then read a list of the ways that the Labor Party will intervene in our economy that, frankly, the Venezuelan government would be proud of. There isn't any nook or any cranny left in this economy that apparently the member for Fenner doesn't know how to manage better than the people running the businesses themselves. This bill, Mr Deputy Speaker—

Mr Keogh interjecting

Oh, well, we've all seen the member for Burt's attempts at the Standing Committee on Economics. No-one does Rumpole of the Bailey better than the member for Burt!

There are 23,687 small and medium businesses within my electorate. Such businesses are predominantly family run and provide jobs for half of Australia's workforce, nearly seven million Australians. We know that, when we make it easier for businesses to invest and reduce red tape, they reinvest in their staff and our economy. Small businesses like Matt and Lisa's Tramshed cafe, in Narrabeen; Ryan's Stay Grounded cafe, in Collaroy; John Beale consulting in Mona Vale; and Becky's Enliven Coaching will benefit from this tax relief that we have brought five years earlier than planned. Not only will they benefit; so will the people who work for them and so will the consumers who use their products and services.

This is good for our community, and this is good for our nation. By fast-tracking this tax relief, we will see a more immediate difference in their cash flow and benefits for everyone in our community. These businesses with a turnover below $50 million will face a tax rate of just 25 per cent in 2021-22. ANT constructions, Alice hairdressing, The Bored Monkey, Incat Crowther and many more local businesses that have cash flows of $500,000 will have an additional $7½ thousand in 2021 and $12½ thousand in 2022 to invest back into business or staff and provide for consumers.

I'm here to tell those opposite that this government and my party will always give a fair go to those who are willing to have a go. There are people right across Australia who make sacrifices to get to work, and what do we give them for all the effort that they put into that? We tax them. We tax them so that they can fund social welfare programs and other such matters. Since this government was elected, 1,100 jobs have been created per day in our economy. That's 1,100 people every day who are better off under this government. The fact is that those opposite can keep taxing those people, or they can start encouraging them to do even more for our community and create a better Australia that all of us can be proud of.

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