Angus Taylor (Hume, Liberal Party) Share this | Hansard source

First of all I would like to thank those members who have contributed to this debate. It has been said that small business is the engine room of Australia's economy. As small business accounts for more than 97 per cent of all Australian businesses and employs more than 4.7 million workers, who could possibly argue with that proposition?

At last year's budget the government announced a $5.5 billion package of measures to support jobs and small business, and of course the measure contained in this bill is the final tax measure to be legislated. This bill amends the tax law to allow small businesses to restructure their business without incurring a capital gains tax liability at that time.

Small businesses that find themselves within a business structure that does not suit their growing needs will now be able to change to a different structure without having to consider the capital gains consequences. This ability to restructure will be available from 1 July 2016. I commend this bill to the House.

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