Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I am pleased to inform the Senate that the tax deductions the government legislated last week with the support of the Senate will continue for a full two years. That means small businesses will be able to continue to instantly write off purchases up to $20,000 until June 2017.

As I have indicated, small business feedback has been very positive. They have told us that allowing the tax offset for two full years was a wise decision, because it allows small businesses the time to consider their decisions so they can make the best choices in the long-term interests of their business.

As you know, the Senate has also voted to support our 1.5 per cent tax cut for small business for those small businesses with a turnover of less than $2 million. This will mean, as of 1 July 2015, that small business will have the lowest tax rate since 1967. With the passing of these measures, we have delivered the lowest tax rate to small business since 1967. (Time expired)