Zed Seselja (ACT, Liberal Party, Assistant Minister for Treasury and Finance) Share this | Hansard source

The government won't be supporting this amendment moved by Senator Storer. The government announced, in the 2017-18 budget, an integrity measure to ensure that the small business CGT concessions are appropriately targeted to genuine small businesses. Senator Storer's amendment would mean that taxpayers with less than $6 million in net assets could still benefit from the CGT small business concessions for the disposal of their interest in large businesses. Therefore, the government does not support this amendment, which is inconsistent with the policy intent of the small business CGT concessions. These concessions provide genuine small businesses with valuable relief from taxation on capital gains on the disposal of assets related to their business, allowing them to reinvest and grow as well as contribute to their retirement savings.

The government's bill will ensure that these concessions can only be accessed in relation to assets used in a small business or ownership interests in a small business. Ensuring that the concessions are appropriately targeted ensures that they can continue to be provided to those businesses that need them the most—genuine hardworking small businesses—and, for those reasons, the government can't support this amendment.