Division
David Leyonhjelm I oppose schedules 2, 3, 4 and 5 in the following terms: (2) Schedule 2, page 21 (line 1) to page 27 (line 8), to be opposed. (3) Schedule 3, page 28 (line 1) to page 29 (line 25), to be opposed. (4) Schedule 4, page 30 (lines 1 to 27), to be opposed. (5) Schedule 5, page 31 (line 1) to page 35 (line 28), to be opposed. Each of these schedules increases income taxes on business and, in our opinion, they are the worst taxes on the government's books. Together they raise more tax revenue than the repeal of the mining tax will cost. I recognise the need to repair the budget, but the problem is excessive spending, not insufficient taxing. In particular, schedule 2 prevents companies from carrying losses back to an earlier year to obtain a tax offset. It represents a tax rise for businesses, particularly for businesses with varying profits and losses from year to year. Mr Temporary Chairman, do you intend to put each of the schedules separately, or together? The CHAIRMAN: I intended to put the question that schedules 2 to 5 stand as printed. I oppose schedule 3. Currently, small businesses can claim an immediate deduction for an asset costing less than $6,500; schedule 3 seeks to reduce this threshold to $1,000. The higher threshold should be retained as it reduces and simplifies tax for small businesses. I oppose schedule 4 as well. It removes generous tax rules for small businesses using motor vehicles, including an immediate deduction for the first $5,000 of the cost of a motor vehicle. This concession reduces the income tax burden on small business and it should be retained. I also oppose schedule 5, which removes the immediate deductibility of expenditure on geothermal energy exploration and prospecting. This immediate deductibility reduces the income tax burden on business and it should be retained. Mathias Cormann This is where I go back to the most important point I made in my summing up—that any senator voting to amend the mining tax to keep Lab
Senate, 2014-07-17. affirmative: ayes 34, noes 33.
Question
David Leyonhjelm I oppose schedules 2, 3, 4 and 5 in the following terms: (2) Schedule 2, page 21 (line 1) to page 27 (line 8), to be opposed. (3) Schedule 3, page 28 (line 1) to page 29 (line 25), to be opposed. (4) Schedule 4, page 30 (lines 1 to 27), to be opposed. (5) Schedule 5, page 31 (line 1) to page 35 (line 28), to be opposed. Each of these schedules increases income taxes on business and, in our opinion, they are the worst taxes on the government's books. Together they raise more tax revenue than the repeal of the mining tax will cost. I recognise the need to repair the budget, but the problem is excessive spending, not insufficient taxing. In particular, schedule 2 prevents companies from carrying losses back to an earlier year to obtain a tax offset. It represents a tax rise for businesses, particularly for businesses with varying profits and losses from year to year. Mr Temporary Chairman, do you intend to put each of the schedules separately, or together? The CHAIRMAN: I intended to put the question that schedules 2 to 5 stand as printed. I oppose schedule 3. Currently, small businesses can claim an immediate deduction for an asset costing less than $6,500; schedule 3 seeks to reduce this threshold to $1,000. The higher threshold should be retained as it reduces and simplifies tax for small businesses. I oppose schedule 4 as well. It removes generous tax rules for small businesses using motor vehicles, including an immediate deduction for the first $5,000 of the cost of a motor vehicle. This concession reduces the income tax burden on small business and it should be retained. I also oppose schedule 5, which removes the immediate deductibility of expenditure on geothermal energy exploration and prospecting. This immediate deductibility reduces the income tax burden on business and it should be retained. Mathias Cormann This is where I go back to the most important point I made in my summing up—that any senator voting to amend the mining tax to keep Lab
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