Graham Perrett (Moreton, Australian Labor Party) Share this | Hansard source

I rise to support the motion moved by the Assistant Treasurer and Minister for Financial Services, the honourable member for Whitlam, who, I point out, is also a loyal, long-suffering Dragons supporter. I'm wearing a Dragons tie, so I share his pain. But I digress.

The Albanese Labor government is taking action to reduce the cost-of-living impacts for Australian small businesses. The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 has a raft of measures aimed at giving Aussies a fair go, from increasing the instant asset write-off for small businesses to $20,000 to providing incentives for small businesses to electrify and save on their energy bills. This bill also adds a new class of deductible gift recipients, making it easier for Australians to give back to their local community organisations.

Our government, unlike the coalition governments that came before us—the Abbott-Turnbull-Morrison progression—is dedicated to a fair go for all. This bill is directly aimed at ensuring our small businesses and community organisations are not left behind. Small businesses are so critical to our economy and communities, but, after a global pandemic, the war in Ukraine and nine years of coalition governments that focused on the top end of town, small businesses are hurting. They do deserve a fair go.

This bill allows small businesses to instantly deduct eligible assets worth up to $20,000. They can deduct multiple assets, and businesses with assets worth over this increased write-off limit can still use the small-business simplified depreciation tool to claim that 15 per cent reduction in the first year and 30 per cent each year thereafter, so it's quite beneficial. This asset write-off will provide vital cash flow support and simplification benefits to many businesses in Moreton and, obviously, right across the country.

Small businesses are so much more than the services they provide. These people are deeply embedded in and promote a sense of community that brings people together—where 'community' and 'customer' are not simply words but are at the core of any small business. Obviously, this is in contrast to the big-name brands, who feel entitled to squeeze every penny out of hurting Australians. Under the guise of inflation, large corporations are ramping up prices. They're listing record profits at the expense of hardworking Australians while telling consumers that $9 for jar of Vegemite is the new normal.

Those opposite have, sadly, too often been in bed with big business. Labor governments are dedicated to a fair go for all and to ensuring small businesses have equal opportunities to succeed. We believe in fair dinkum markets, not those coercive duopolies. You would never see this completely unfair, greedy profiteering from small businesses. In fact, you see the opposite.

In my electorate of Moreton, over the course of the 2022 Brisbane floods, many residents experienced profound devastation—especially a lot of businesses throughout Rocklea—and went for days without power. Amidst that suffering, a local pizza restaurant, Tocco Italiano in Chelmer, provided free pizza for impacted locals. To all the small businesses that are struggling, the Albanese government hears you and is working on your behalf.

In addition to the increases to the instant asset write-off, this bill introduces the small-business energy incentive to help small and medium-sized businesses electrify and save on their electricity bills. Eligible businesses will receive an extra 20 per cent tax deduction for certain energy-efficient assets from 1 July 2023 through to 30 June 2024. This comes just a few months after the joint state and Commonwealth funded Energy Bill Relief Fund was announced, which saw eligible small businesses in my electorate receive as much as $650 in energy rebates.

The Albanese Labor government will always back our small businesses. We know that they're the backbone of our communities in places like Moreton. This government is helping small businesses combat the costs of living and ensuring that they get a fair go. And, obviously, if their customers have more dollars in their pockets, through pay rises and the like, supported by this side, that means they spend more money in small businesses.

These incentives support small businesses to upgrade or invest in more energy-efficient assets, helping them save money and ensuring that all businesses benefit from the clean energy revolution. Assets like heating and cooling systems, induction cooktops and energy-efficient appliances will all be included. This measure will help the 3.8 million eligible small and medium-sized businesses, including those in my electorate, to save at the shop counter. Delivering ongoing support for energy bill savings is vital to ensuring the stability of small businesses while simultaneously doing our bit to help Australia lower its emissions. This bill is delivering a fair go for small businesses and a fair go for our environment—win-win.

This bill also provides vital pathways for up to 28 community foundations, to be endorsed by the Commissioner of Taxation as deductible gift recipients—or DGR, as most people know it. These organisations are the lifeblood of communities across Australia, and the Albanese government is committed to ensuring they are given the support to flourish. The bill specifically names Justice Reform Initiative Ltd, a critical organisation dedicated to criminal justice reform and working to reduce Indigenous incarceration rates. It also mentions the Australian Sports Foundation Charitable Fund, something I am particularly keen to support because it gives so many in the sporting area a break. Under current arrangements, taxpayers can claim deductions for gifts valued at two dollars or more given to DGRs, and expanding DGR status to these community organisations ensures that they continue to provide their services. This reform will provide clarity to donors and recipients alike, and help to encourage philanthropy within communities. It will assist in achieving the government's goal of doubling philanthropy by 2030.

All Australians are proud of that great concept of mateship. The Albanese government is dedicated to ensuring that helping others in the community is as easy as possible. Whatever your particular passions are, you should be able to send your money towards those community groups. This bill ensures that the next generations of Australians learn that times tradition of what mateship is: digging in your pocket to help someone out who is doing it tough. It's important we continue to incentivise and encourage the work that not-for-profits do around Australia. They took a hit during COVID, with the number of volunteers a cross most community organisations basically all but halving. We want to make it simple for donors and foundations alike to benefit.

Strong and stable government creates strong and stable communities. We don't want people focused on division. That is not a good thing for our society. The bill ensures that community groups across Australia know the Albanese government will always look to support groups who are dedicated to building a fairer country. This government is also extending the global infrastructure hubs income tax exemption for another year. Central to Labor foreign policy has been international cooperation and economic independence. We are a middle power, but we like to make sure that we do more than other nations when it comes to our region in particular. Now, in this difficult world, it is more than ever vital to strengthen and protect the effectiveness of our global institutions.

This bill amends the current income tax law with respect to general insurers to provide good alignment with the new accounting standard. It will help to avoid the compliance burden for general insurers maintaining two different recordkeeping system for tax and accounting purposes. This change aids in streamlining the business process and helps to make the Australian economy more efficient—like those red tape days. Remember them? They were good times, weren't they? Furthermore, this bill strengthens the Australian superannuation tax system by making it fairer and more holistic. The current superannuation tax system allows for disproportionate outcomes across funds under the non-arms-length rules. By limiting the amount of taxable income at the top marginal tax rate to a proportionate amount for self-managed funds and small APRA-regulated funds, our superannuation tax system will be fairer for all Australians while still maintaining the broader integrity of the system—a system that the Labor Party instigated. Now we have over $3 trillion in funds—an amazing initiative.

This government is committed to strengthening our institutions by ensuring AFCA has sufficient authority to consider complaints relating to superannuation. This measure brings the policy in line with its original policy intent—for AFCA to have jurisdiction to hear all superannuation-related complaints. Superannuation represents Australians' future, and it's important to protect it at all costs. We on the side of the House have always endeavoured to defend Australian superannuation, while those opposite seem to undermine the institution and raid Australian super every chance they get—then they miss out on the benefits of compounding interest. AFCA's role in arbitrating financial compliance is vital in terms of giving peace of mind to all working Australians.

The Albanese Labor government is committed to taking action to support small businesses. Sadly, too many of those opposite have sided with big business over small, at the expense of everyday Aussies. This bill can really be summed up in one word: fairness. It makes things fairer for small businesses, fairer for self-managed super funds and fairer for charitable foundations. The Albanese Labor government will continue to take action to support the communities that keep Australia moving, and I commend this bill to the House.

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