Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) | Hansard source

Where is Senator Ruston, by the way? For the benefit of the Leader of the Opposition in the Senate, I said this in response to the Deputy Leader of the Opposition in the Senate—an opposition who, of course, went to the election with higher taxes. I explained that there were two tranches of changes. The first is in relation to small business. We have lifted turnover to $10 million so that 2.7 million active small businesses and 98 per cent of all active businesses will be eligible for generous capital gains tax concessions. In relation to the innovative-startup measures—and as I also explained to the deputy leader—the Treasurer, through the Treasury, is engaging in consultation. A consultation paper was released on 18 June. It goes through various arrangements for innovative startups, and the government will obviously have those consultations in good faith and bring forward those amendments as and when necessary.