Division
Milton Dick In accordance with the resolution agreed to earlier, the question now is that amendments (1) and (2) as circulated by the honourable member for Kooyong be agreed to. _Member for Kooyong's circulated amendments—_ (1) Clause 2, page 2 (table item 4), omit "Parts 3 and 4", substitute "Parts 2A, 3 and 4". (2) Schedule 1, page 43 (after line 26), after Part 2, insert: Part 2A — Relief for small businesses _Income Tax Assessment Act 1997_ 60A After section 152-12 Insert: 152-13 Indexation of thresholds (1) The regulations may provide for or in relation to the annual indexation, in line with the consumer price index, of the following amounts: (a) the amount of $2 million mentioned in paragraph 152-10(1AA)(b) (meaning of CGT small business entity); (b) the amount of $6,000,000 mentioned in section 152-15 (maximum net asset value test). (2) Regulations made for the purposes of subsection (1) may directly amend the text of this Act. Monique Ryan While we're making generational changes to Australia's capital gains tax system, we need to ensure that wholesale reforms don't come at the expense of clear modernisations. The thresholds for small businesses claiming capital gains tax exemptions is such an area of clear modernisation. The existing CGT small-business concession regime, the SBC regime, provides a sliding scale of concessional tax treatment to business owners when they sell their businesses. That regime is preserved by this budget. Under the current Income Tax Act 1997, in order to qualify for the regime, small businesses must have either an aggregated turnover of less than $2 million or combined net assets of less than $6 million. Those thresholds have been unchanged for almost 20 years. The maximum net asset value test was first introduced in 1999, with the Howard government's discount. At that time, the threshold was $5 million for small businesses. That was lifted to $6 million in 2007. The $2 million annual turnover level has also been static since 2007
House of Representatives, 2026-06-04. negative: ayes 50, noes 87.
Question
Milton Dick In accordance with the resolution agreed to earlier, the question now is that amendments (1) and (2) as circulated by the honourable member for Kooyong be agreed to. _Member for Kooyong's circulated amendments—_ (1) Clause 2, page 2 (table item 4), omit "Parts 3 and 4", substitute "Parts 2A, 3 and 4". (2) Schedule 1, page 43 (after line 26), after Part 2, insert: Part 2A — Relief for small businesses _Income Tax Assessment Act 1997_ 60A After section 152-12 Insert: 152-13 Indexation of thresholds (1) The regulations may provide for or in relation to the annual indexation, in line with the consumer price index, of the following amounts: (a) the amount of $2 million mentioned in paragraph 152-10(1AA)(b) (meaning of CGT small business entity); (b) the amount of $6,000,000 mentioned in section 152-15 (maximum net asset value test). (2) Regulations made for the purposes of subsection (1) may directly amend the text of this Act. Monique Ryan While we're making generational changes to Australia's capital gains tax system, we need to ensure that wholesale reforms don't come at the expense of clear modernisations. The thresholds for small businesses claiming capital gains tax exemptions is such an area of clear modernisation. The existing CGT small-business concession regime, the SBC regime, provides a sliding scale of concessional tax treatment to business owners when they sell their businesses. That regime is preserved by this budget. Under the current Income Tax Act 1997, in order to qualify for the regime, small businesses must have either an aggregated turnover of less than $2 million or combined net assets of less than $6 million. Those thresholds have been unchanged for almost 20 years. The maximum net asset value test was first introduced in 1999, with the Howard government's discount. At that time, the threshold was $5 million for small businesses. That was lifted to $6 million in 2007. The $2 million annual turnover level has also been static since 2007
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