I do not agree. I respectfully sat and listened to the member for Herbert for 15 minutes. If you can't get your point across in 15 minutes, you shouldn't be in this job, right? So I'll gladly continue on with my speech. Whenever I meet with small businesses in my electorate in my current capacity as a federal MP, or met with them in my former capacity as councillor and mayor, there is a pretty consistent message from businesses in my electorate to successive federal governments. They want governments to back business, they want government to continue to work to simplify compliance, and they want targeted support so that their businesses can grow. Despite the groans from those opposite, that's precisely what this government has been doing and what this legislation delivers today.

Our government has already delivered for small business by making the $20,000 instant asset write-off a permanent feature of the tax code. This instant asset write-off was created in 2011, and now it's being made permanent by Labor in 2026. It was the Rudd-Gillard government that created it back in 2011. The permanency is a pretty big deal. It's one that's often glossed over by those opposite, but it's important to provide certainty for small business. Prior to making this permanent, this measure operated on an annual basis and more recently was subject to some shenanigans in the Senate. Instead of simply passing this TLAB each and every year, the opposition often delayed it and delayed it to a point where business didn't have that certainty to invest because the bill hadn't passed. Then, when the bills did pass, businesses were only left with a couple of weeks to make a really important decision to spend up to $20,000 on improving their plant and equipment. So, by making this— (Quorum formed)

As I was saying, we've made the instant asset write-off permanent, giving businesses the tools they need to invest in more productive plant and equipment, which helps productivity. We've also reintroduced the loss carry-back provisions for medium and growing companies with an annual turnover up to $1 billion. This helps small businesses with cash flows in years following a loss.

This bill is an important extension to support we've provided to small businesses. It contains the measures in the next key tranche of tax reform that we announced in our budget. It builds on that solid foundation I was just talking about by incentivising new investment, slashing red tape and reducing compliance burdens so that we can continue our economic momentum. It contains five distinct schedules, and I'll touch briefly on a couple before focusing the conclusion of my remarks on schedules 4 and 5, which impact directly on small businesses.

Schedule 1 establishes the innovative business capital gains tax concession commencing on 1 July 2027. Under this schedule, startup founders, participating employees and early-stage investors will receive a 50 per cent capital gains tax discount on new equity investments in eligible innovative Australian firms. To qualify, companies must be actively trading unlisted Australian tax residents incorporated under 15 years and maintain aggregated annual turnover below $50 million. This 15-year eligibility window specifically recognises that deep tech and advanced science ventures, many of which are based in my electorate in Bennelong, often require extended development cycles to commercialise innovation successfully. Eligible investors will have the flexibility to select either the 50 per cent CGT discount or the traditional cost-base indexation alongside the 30 per cent minimum tax framework. This makes good our promise to consult with the sector as we developed a truly innovative CGT discount, ensuring that investment still flows in to startups and innovative companies.

Schedule 2 significantly enhances and targets the research and development tax incentive starting from 1 July 2028. It builds directly upon key recommendations of the landmark Ambitious Australia report. Core R&D tax offset premium rates will increase by up to 50 per cent, which is important, and the turnover threshold for the higher refundable R&D offset will increase from a $150 million cap to a $200 million cap. This R&D tax incentive is crucial for businesses just like Cochlear based in my electorate. Reviewing this cap has been something they've been calling on so that they can keep their R&D here onshore in Bennelong. I think over 60 per cent of Cochlear's global workforce operate out of their two offices in my electorate, and I know they'll make good use of this R&D offset to ensure that more jobs and more research and development are done right here in Australia. Biotech and medical firms developing complex therapeutic goods will be granted extended access to that refundable R&D offset for up to 15 years as well—again, recognising that clinical trials and approval pathways often take longer than the standard 10 years.

Importantly also, this bill establishes ongoing consultation in regard to important definitions of core and supporting activities when it comes to R&D tax offsets, and that's something I know that the biotech and pharmaceutical innovators in my electorate have been raising with Treasury, with the Treasurer and also with members like me. Treasury modelling estimates these reforms will generate roughly 20 per cent more commercial business R&D investment per dollar of offset provided, boosting start-up research by $400 million annually, and that is a good thing. Schedule 3 increases key investment cap thresholds for venture capital partnerships and early-stage venture capital limited partnerships. That's important too.

I'll touch a little bit on schedule 4, which is primarily about cash flow for small businesses. Having run one myself, as the member for Herbert now knows, I know how important cash flow is. You've got your rent, your staff wages and your inputs coming in on fixed and rigid dates, but, sometimes, your receivables are a little bit slow. They take a little bit longer to get in. Quarterly tax compliance obligations come—you can see them coming in the future, and it's a large expense at the end of a quarter. Whereas this schedule will allow businesses voluntarily to opt-in to a monthly tax obligation remittance rather than quarterly. That will help with cash flow so that, when revenues are high in that month, they'll have the cash flow to be able to pay it, and, when revenues are low, they'll be able to pay that lower amount monthly as well. That's a really important cash flow measure, which I support wholeheartedly in this bill and which I know will benefit small businesses right across Australia. Schedule 4 also provides those 'pay as you go' instalment cycles, as I just touched on, and that's an important addition to this bill.

Schedule 5 is some reforms to fringe benefits tax on electric vehicles. It's important to acknowledge how successful this EV tax incentive has been. It's also important to acknowledge that the market is really doing its job. People are going out there and buying EVs. Over 50 per cent of vehicles sold in recent months have been electrified vehicles—25 per cent of those are fully battery electric. We heard today from the Minister for Climate Change and Energy, for every, I think, 100,000 electric vehicles on the road, it would give us an extra three days worth of fuel reserves, so it's great to see this EV tax incentive not only being so successful but responsibly being managed down by this government. People are now actively making the choice to go to electric vehicle, and that FBT discount will reduce down to 25 per cent over the coming years. I'd encourage everyone just to keep an eye on those dates, because that's an important decision-making step, as you look to switch to electric vehicles.

Lastly and in my 12 seconds, I don't have much to add to this, but I would commend the changes to discretionary trust and thank the NSW government for their cooperation with this Labor government on stamp duty exemptions.