Senate debates

Wednesday, 3 April 2019

Bills

Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019; Second Reading

4:45 pm

Photo of Richard ColbeckRichard Colbeck (Tasmania, Liberal Party, Assistant Minister for Agriculture and Water Resources) Share this | Hansard source

Again I thank those senators who have contributed to the debate. This government backs business growth and investment. We have fast-tracked tax relief for millions of small and medium-sized businesses as part of our plan for a stronger economy and more jobs. This bill is yet another illustration of the government's commitment to deliver support for hardworking Australian small and medium-sized businesses, reducing their tax burden and helping them to invest and grow. The amended bill increases the instant asset write-off to $30,000 and expands it to businesses with turnover of less than $50 million. Around 3.4 million business employing around 7.7 million workers will be eligible. I commend the bill to the Senate.

Question agreed to.

Bill read a second time.

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