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Monday, 29 February 2016
Page: 1266

Senator SINODINOS (New South WalesCabinet Secretary) (12:55): I rise to sum up the debate on the Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016. I would like to begin by thanking those services who have contributed to this debate. This bill brings to a close the legislative work of this government to provide taxation support for small business through the Growing Jobs and Small Business package announced in the 2015 budget. The bill amends the tax law to allow small businesses to restructure their business without incurring capital gains tax liability at that time. Small businesses that find themselves within a business structure that does not suit their needs will now be able to change to a different structure without having to consider the capital gains consequences. The government is actively supporting Australian small business owners through the budget package of measures. We know it is important to provide cash flow and simplicity to that part of our economy, which is responsible for employing over 4.7 million Australian workers and producing over $340 billion in economic output. I commend this bill to the Senate.

Question agreed to.

Bill read a second time.