QUESTIONS WITHOUT NOTICE

Senator GALLAGHER (Australian Capital Territory—Minister for Finance, Minister for the Public Service, Minister for Women, Minister for Government Services and Manager of Government Business in the Senate) (14:25): I thank Senator Cox very much for that question and for the work that she's done in supporting this important tax reform package for our country.

We are reforming the tax system for workers, for businesses and for future generations. We're delivering a new round of tax cuts, including more tax cuts for every taxpayer from next week, we're helping more Australians realise the dream of homeownership and we're also supporting investment and innovation. We were up-front on budget night that we were consulting on certain details of our reforms, including for small and startup businesses with a low cost base.

Last week, the Prime Minister and the Treasurer announced the details of those post-budget consultations. The government's additional amendments are all about providing more clarity, confidence and support for small business and more incentives for innovation. They go to a number of areas, including raising the threshold for small businesses for concessions on CGT from $2 million to $10 million in relation to the 50 per cent tax discount.

Also, our consultation is now open on the new innovative-business CGT concession. We're making it clear that discretionary testamentary trusts will be exempt from new tax rules for trusts. We'll remove the ministerial discretion relating to new residential dwellings in the definition.

These details mean that the Albanese government is now delivering over $3.8 billion in new measures that lower taxes for businesses and startups, on top of the fourth and fifth rounds of tax cuts for workers and a fairer housing market for first home buyers. Consistent with all big tax reform, as we've always intended, we will legislate our reforms in multiple tranches, and there is more consultation to come, including on the arrangement for startups and implementation of the trust reforms.

The PRESIDENT: Senator Cox, first supplementary?