Anne Ruston (SA, Liberal Party, Assistant Minister for International Development and the Pacific) Share this | Link to this | Hansard source

I give notice that, on the next sitting day, I shall move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018, allowing it to be considered during this period of sittings.

I also table a statement of reasons justifying the need for this bill to be considered during these sittings and seek leave to have the statement incorporated in Hansard.

Leave granted.

The statement read as follows—

Purpose of the B ill

The bill brings forward the tax cuts for small and medium businesses. The tax rate for companies with annual turnover below $50 million will be reduced to 26 per cent in 2020-21 and 25 per cent in 2021-22 and subsequent years. The unincorporated small business tax discount rate will be increased to 13 per cent in 2020-21 and 16 per cent in 2021-22 and subsequent years.

Reasons for Urgency

The bill requires passage in the 2018 Spring sittings in order to give small and medium businesses certainty to make long-term investment decisions.