Senate debates Questions without Notice

Budget


Penny Wong

Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs

2:04 pm

No, I think she's deliberately not interested in my response. We are delivering about $3.8 billion in new business tax relief measures. This includes the $20,000 instant asset write-off, making that permanent; a permanent two-year loss carry-back for companies with turnover up to $1 billion—

and increasing the turnover for the existing 50 per cent active asset reduction CGT concession from $2 million to $10 million—in other words, enabling more small businesses to gain that concession. There is a separate process around innovative businesses. You are deliberately bringing them together in order to try and make mischief and we all understand that.

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