Jim Molan (NSW, Liberal Party) Share this | Link to this | Hansard source

My question is to the , Senator Cash. Can the minister update the Senate on how the Liberal-National government is supporting Australian small and family businesses by cutting taxes?

Michaelia Cash (WA, Liberal Party, Minister for Small and Family Business) Share this | Link to this | Hansard source

I thank Senator Molan for his question. Those of us on this side of the chamber, the Liberal-National government of Australia, are delivering for the small and family businesses of Australia. During our time away from parliament colleagues, I had the opportunity to visit a number of states and, yet again, continue to talk to small and family businesses on the ground about how we, as a government, are putting in place the policies that will ensure that they are able to prosper and grow. We talked about delivering on our tax cuts for small and family businesses, reducing their tax rate down to 25 per cent five years earlier than planned. Why can we do it five years earlier than planned? Because we have put in place the right policies to ensure that we have a stronger economy. Small and family businesses in Australia will now be paying a 25 per cent tax rate five years earlier, in 2021-22. That means that millions and millions of small and family businesses across Australia will pay less tax sooner because of the policies of the Morrison government.

Of course, I spoke to many businesses about the investments that they have made in their businesses as a result of the $20,000 instant asset write-off. We have, of course, extended that policy until 30 June 2019. I also met a number of businesses that have benefited from our investment in the Entrepreneurs' Program. This is about ensuring that those businesses who want the opportunity to become exporters are able to do this and to take advantage of all the opportunities that those of us on this side of the chamber have managed to put into place because we have signed up to free trade agreements.

I also had the opportunity to visit Neil Thompson Smash Repairs with David Coleman, the member for Banks; and our fantastic Minister for Immigration— (Time expired)

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Molan, a supplementary question.

Jim Molan (NSW, Liberal Party) Share this | Link to this | Hansard source

Is the minister aware of any risks to the government's tax plan for small and family businesses?

Michaelia Cash (WA, Liberal Party, Minister for Small and Family Business) Share this | Link to this | Hansard source

I think the Australian public would be aware of the threat to small and family businesses in the country. Of course, it is posed by those opposite, the Labor side of politics. Look at the policies that they are proposing for small and family businesses—policies that will quite literally see small and family businesses in Australia close their doors.

There is the abolition of franking credits, something that is raised with me consistently as I talk to small and family businesses in Australia. There is Labor's attack on family trusts and, of course, their proposed changes to negative gearing. These will not hurt the big end of town. What they will do, though, is hit small and family businesses. There was an article written recently by Mr Mark Bouris. This is what he said:

… the three tax changes promised by Labor are an attack on hundreds of thousands of hardworking Australians.

Frankly, Labor’s changes look punitive and unbalanced. They don’t hurt big corporations or the truly wealthy and they don’t apply to massive super funds — they only attack the little guy.

(Time expired)

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Molan, a final supplementary question.

Doug Cameron (NSW, Australian Labor Party, Shadow Minister for Human Services) Share this | Link to this | Hansard source

Ah, Michaelia, you've—

Scott Ryan (President) Share this | Link to this | Hansard source

Senator Cameron! I'm going to take a very strict approach to noise during questions, so that I can hear them.

Jim Molan (NSW, Liberal Party) Share this | Link to this | Hansard source

How can Australians ensure that small and family businesses continue to remain a strong priority of the federal government?

Michaelia Cash (WA, Liberal Party, Minister for Small and Family Business) Share this | Link to this | Hansard source

Of course, a vote for a Liberal-National government is always going to be a vote to support the backbone of the Australian economy. And those, of course, are the up to 3.3 million small and family businesses employing almost seven million Australians. Whether it's our tax cuts, whether it's extending the instant asset write-off or whether it's ensuring that our small and family businesses are able to take into account the opportunities to become exporters and grow their businesses, we, on this side of the chamber, will always go into bat for small and family businesses. Why? Because we know that when Australia's small and family businesses succeed then our nation as a whole succeeds.

What we will never do is put in place policies that attack small and family businesses, because a business that has to close employs no-one. We will always support small and family businesses so that they can prosper and grow and employ more Australians. (Time expired)