House debates Bills
Treasury Laws Amendment (Tax Reform No. 4) Bill 2026; Consideration in Detail
Tim Wilson Goldstein, Liberal Party, Shadow Treasurer
11:43 am
Indeed, we are talking about an amendment to a tax bill specifically related to research and development and the need for consultation. I am agreeing with the proposition that we should have consultation about legislation associated with research and development that directly affects innovative businesses. Part of it is how we got here, the components of the legislation and the practical consequences of their interrelationship. What we know is that research and development communities, exactly as the member for Kooyong has correctly identified, were not consulted and have not been consulted under this legislation into the future. I will accept that point from the member for Kooyong. All I am simply highlighting is the inconsistency in the behaviour to get to that point and that we wish to have consultation into the future under this legislation, like how we would like to have had consultation in the lead-up to this legislation. We know that the practical effect of not having consultation under this legislation is that businesses are going to pay higher taxes, and, if we don't have consultation in the lead-up to the legislation, during the legislation or its implementation or practical consequences, small businesses, innovative businesses, and research and development in this country is going to find it harder to get ahead and build the future economic growth of this country. I am simply stating, for the member for Kooyong's needs, that some of us see that as enormously problematic, and we really would rather, instead of providing amendments to try and cover the tracks of the member for Kooyong and other members, simply oppose the bill.
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