Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

As we now know, the minerals resource rent tax passed the House of Representatives early this morning. This government is very proud of that reform. There is a tax package of which the $11 billion mining tax is an important component, but there are other important components to this tax reform package. Firstly, I would make the point that the package is designed to strengthen and broaden the Australian economy, to assist small business, to assist superannuation retirement incomes and, I might say, to assist in creating jobs through a stronger economy. I note this government has seen more than 700,000 jobs created over the four years it has been in office.

I turn to specific measures. Small business will be a significant beneficiary from the tax package specifically funded by the mining tax. Currently for each asset write-off small business receives $1,000. We intend to significantly increase the asset write-off for small business claims to $6,500. That is a very significant increase in asset write-offs for small business for each asset invested in. Secondly, we intend to make the rules around the depreciation claim far simpler. That will be a second benefit. This will represent more than $1 billion in additional assistance to small business, funded in part from the mining tax. I note that the Liberal-National Party refuses to support this $1 billion package of tax improvements for small business. (Time expired)