Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) | Hansard source

Thanks for the question. Well, on budget night we made it very clear that we foreshadowed Treasury's discussion paper. It was all there for all to see. But, of course, for those who were busy hyperventilating and saying they were opposed to things before they even saw legislation, they didn't look at that detail.

We outlined that the implementation would happen in steps—far fewer steps than happened the last time there was major tax reform, way back under the Howard government. Then, there was something like 30 separate pieces of legislation. What we've done is to continue to consult. We will continue to do that.

On top of retaining all four of the existing capital gains tax concessions for small businesses, we're also increasing the turnover threshold for small businesses to access the 50 per cent capital gains tax discount from $2 million to $10 million. That's a fivefold increase, and what that means is that every active small business will be included in that. What it means is that 98 per cent of all active businesses in Australia will be included in that. There's now $3.8 billion in the budget that lowers taxes and provides support for small businesses, making the $20,000 instant asset write-off permanent.

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