Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

I will firstly clear up what appeared to be some confusion on the other side. The government's Ten Year Enterprise Tax Plan began last year, on 1 July 2016. The cost over 10 years is, as I described, $50 billion, of which a little less than half, $24 billion, is the cost of the legislated saves—that is, legislated reductions—and that is companies with a turnover of less than $50 million. The balance, of around $26 billion, is for the larger companies that are unlegislated. In terms of 10 years from 1 July 2017, the cost is $65 billion—of which around $29.5 billion is for the legislated saves already, for reductions, for savings for business costs of the budget but legislated reductions—and $35 billion for the balance. Let us be very clear, the answer I gave was absolutely correct: it is a Ten Year Enterprise Tax Plan and it began on 1July last year.

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