Madeleine King (Brand, Australian Labor Party, Shadow Minister for Consumer Affairs) Share this | Link to this | Hansard source

I believe I'm speaking in continuation on this bill, and I just want to clarify an amendment that I spoke of when I first started speaking to this bill. I move the amendment:

That all words after "That" be omitted with a view to substituting the following words:

"whilst not declining to give the bill a second reading, the House:

(1) affirms the importance of encouraging small business to make new capital investments; and

(2) notes that the Opposition's Australian Investment Guarantee is permanent, will provide targeted tax relief for businesses that invest in Australia and Australians, and guarantees new investment".

I call for the amendment to be seconded.

Nick Champion (Wakefield, Australian Labor Party, Shadow Assistant Minister for Manufacturing and Science) Share this | Link to this | Hansard source

I second the motion and reserve my right to speak.

Madeleine King (Brand, Australian Labor Party, Shadow Minister for Consumer Affairs) Share this | Link to this | Hansard source

I thank the member for Wakefield for seconding that amendment. I just want to reiterate our support for this bill and of course the amendment we've moved. Labor supports small business. We always will and always have. We have an excellent package of small business policies that we will take to the upcoming election, and I look forward to taking that to the people of Western Australia and indeed the greater Australian community.

Stuart Robert (Fadden, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

Firstly, I thank those members who've contributed to the debate, and I thank the shadow minister. This government is committed to supporting hardworking Australian small businesses, improving their cash flow and helping them invest and grow. That's why we're increasing the instant asset write-off threshold from $20,000 to $25,000 and extending it until 30 June 2020. The increased threshold applies from the announcement on 29 January 2019 and will benefit over three million eligible small businesses with annual turnover of less than $10 million which employ around six million workers. The changes mean that small business will be able to immediately deduct eligible assets costing less than $25,000. More expensive assets will continue to be added to the small business depreciation pool and written off under those rules. I commend the bill to the House.

Luke Howarth (Petrie, Liberal Party) Share this | Link to this | Hansard source

The original question was that this bill be now read a second time. To this the honourable member for Brand has moved, as an amendment, that all words after 'That' be omitted with a view to substituting other words. The question now is that the amendment be agreed to.

Question negatived.

Original question agreed to.

Bill read a second time.