Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) | Hansard source

I thank Senator Grogan for that supplementary. As Senator Grogan outlined, the Prime Minister and Treasurer did announce further implementation details for the government's tax reform package. We had flagged, in the budget papers and on budget night, that there would be further work done to consult with the startup sector about how these changes could most appropriately apply to them. We said we would do that. We said we would consult with small business. We said we would consult with startups. We have done that.

We have increased the threshold from $2 million to $10 million for the 50 per cent tax discount for small businesses. It means that all 2.7 million active small businesses and 98 per cent of all active businesses will be eligible for generous CGT concessions. Consultation is now open on the Innovative Business CGT Concession. There are more discussions to be done. That consultation paper is out for the next three weeks.