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Tuesday, 2 April 2019
Page: 14510

Mr ROBERT (FaddenAssistant Treasurer) (18:12): Firstly, I thank those members who've contributed to the debate, and I thank the shadow minister. This government is committed to supporting hardworking Australian small businesses, improving their cash flow and helping them invest and grow. That's why we're increasing the instant asset write-off threshold from $20,000 to $25,000 and extending it until 30 June 2020. The increased threshold applies from the announcement on 29 January 2019 and will benefit over three million eligible small businesses with annual turnover of less than $10 million which employ around six million workers. The changes mean that small business will be able to immediately deduct eligible assets costing less than $25,000. More expensive assets will continue to be added to the small business depreciation pool and written off under those rules. I commend the bill to the House.

The DEPUTY SPEAKER ( Mr Howarth ): The original question was that this bill be now read a second time. To this the honourable member for Brand has moved, as an amendment, that all words after 'That' be omitted with a view to substituting other words. The question now is that the amendment be agreed to.

Question negatived.

Original question agreed to.

Bill read a second time.