Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

The 37-cents-in-the-dollar tax bracket is now legislated to go, completely, creating one big tax bracket between $45,000 and $200,000, where people pay a marginal tax rate of no more than 30 cents in the dollar.

For small businesses with a turnover of under $50 million, we've cut the tax rate as of 1 July to 25 cents in the dollar. In this year's budget we've put in place a patent box to provide a concessional company tax rate of 17 per cent for businesses in the medical and biotech sector that, through their research and development, develop patented ideas that earn income. If they do so here in Australia they will receive a concessional company tax rate.

On immediate expensing: we have passed legislation and implemented policies in successive budgets which provide for businesses to write off acquisitions of machinery and equipment, upgrades to their retail shops or upgrades to their production lines, ensuring they can write all that off in year 1. Whether you're a farmer with a harvester or whether you're a retailer with a shop fitout, you can write off all those acquisitions or upgrades in year 1. And the loss carry-back measure is another important tax reform designed to help get people through.

But I'm asked about those opposite, because we know that they have opposed our tax cuts every step of the way. Like the stage 3 tax cuts—

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