Milton Dick (Speaker) | Hansard source

In accordance with the resolution agreed to earlier, the question now is that amendments (1) and (2) as circulated by the honourable member for Kooyong be agreed to.

Member for Kooyong's circulated amendments—

(1) Clause 2, page 2 (table item 4), omit "Parts 3 and 4", substitute "Parts 2A, 3 and 4".

(2) Schedule 1, page 43 (after line 26), after Part 2, insert:

Part 2A — Relief for small businesses

Income Tax Assessment Act 1997

60A After section 152-12

Insert:

152-13 Indexation of thresholds

(1) The regulations may provide for or in relation to the annual indexation, in line with the consumer price index, of the following amounts:

(a) the amount of $2 million mentioned in paragraph 152-10(1AA)(b) (meaning of CGT small business entity);

(b) the amount of $6,000,000 mentioned in section 152-15 (maximum net asset value test).

(2) Regulations made for the purposes of subsection (1) may directly amend the text of this Act.

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