Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024

Mr HOWARTH (Petrie) (13:07): No, it does remove schedule 2 of the bill as well. So, it's removing schedule 2 of the bill in relation to striking out the general interest charge and the shortfall interest charge. Obviously we want small and medium businesses to pay, but they can receive that additional interest as tax deductions at the moment.

The government is taking all that away, and we're saying that at this time, when there is high inflation, when 27,000 businesses have gone broke around Australia under this government, we think it is the wrong time to do that. So, it does remove that and also the change to the instant asset tax write-off—just lifting it from 20 to 30 and making it permanent. The SPEAKER: The question before the House is that the opposition amendments to government amendment (2) on sheet UG105 be agreed to.