Brendan O'Connor (Gorton, Australian Labor Party, Minister for Emergency Management) Share this | Hansard source

I thank the honourable member for her question because it is a very valid question when we raise small business in this place and so rare that I get an opportunity or the government gets the opportunity—

The SPEAKER: The minister will be directly relevant.

to respond to questions in relation to small business. There is no doubt that, as a result of the scare campaign by the Leader of the Opposition and indeed the coalition generally, there are some concerns in relation to the assertions made by the opposition, but I can assure the small business community that we are responding to the needs of that sector.

We have done that, of course, by announcing a tax cut from 30c in the dollar to 29c in the dollar, effective from 1 July this year. We have also done that by announcing an instant asset tax write-off of up to $6,500 for each asset, which is a fantastic opportunity for small business across the country. Whether you are incorporated or not, you are able to get much better cash flow and a greater capacity to invest early on in the business because of the instant asset tax write-off in this country. Indeed, for those businesses that are not incorporated, because of the increase in the tax threshold from $6,000 to $18,200 there are also other benefits that flow there.

What we will continue to do in this country as a government is represent the interests of small business. We did it recently with the announcement of the small business commissioner. We have done so by providing tax relief and lifting the burden of tax upon businesses in this country by introducing the minerals resource rent tax. We will continue to do that. By way of comparison, we see the Leader of the Opposition be the only Liberal leader in living memory who opposes tax cuts for business in this country.

The SPEAKER: The minister will resume his seat.

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