Nola Marino (Forrest, Liberal Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister update the House on how small and family-owned businesses are taking advantage of lower taxes to create jobs and increase investment, including in my electorate of Forrest? Is the Prime Minister aware of any alternative approaches?

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

I thank the honourable member for her question. The government is supporting and delivering lower business taxes because we know they will result in more investment and more jobs. Company tax is ultimately a tax on workers. When nearly nine in 10 Australians work for private business, surely it is obvious that it's in the national interest to support the companies that employ the overwhelming majority of Australians. But, instead of supporting policies that will create jobs and grow wages, the opposition is busy peddling the myth that business does not care about the level of tax and doesn't in fact pay tax. I'm not sure where the $68 billion of company tax receipts came from, but, according to the Labor Party, companies don't pay tax.

The Labor Party wants to increase taxes; the government wants to reduce them. But we do not believe that paying tax is optional. Every Australian and every business that makes a profit in Australia must pay their fair share of tax. You'd think that was common sense, but not for the opposition. Like everything the opposition leader does, he calls for action one minute and then opposes it the next. He called for action against multinational tax avoidance and then he voted against some of the toughest anti-avoidance laws in the world. If this isn't clear enough for the members opposite, we'd be happy to arrange a briefing with officials from the Australian Taxation Office.

We have introduced and, no thanks to the Labor Party, passed through the parliament some of the toughest multinational tax avoidance laws in the world. At that briefing from the ATO, I am sure that those distinguished officials will be able to provide a tutorial on the difference between revenue and profit because members opposite either don't understand the difference or they're now calling for businesses to be taxed on revenue—not profit—even if the business makes a loss. We saw that they were busily retweeting the article—one of the most confused and poorly researched articles I've seen on this topic on the ABC's website. Of course, the ABC is an enterprise that understands profit and loss.

Opposition Members:

Opposition members interjecting—

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

It does! It understands taxes; they're recipients of them. They receive them—taxpayers' funds. They understand the difference: the hard work of investing and struggling and losing money one year and then being able to offset it against profit the next—or not. No, the ABC has the same understanding of the commercial world as does the opposition. (Time expired)