Treasury Laws Amendment (Tax Reform No. 1) Bill 2026, Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026

Senator CHANDLER (Tasmania) (12:32): Thank you for that, Minister. I want to turn to some of the small-business concerns that have been aerated through the committee inquiry process into this legislation and, indeed, more broadly through the media and through social media for those businesses that were not able to submit, submitted but didn't have their submissions processed, or weren't able to present at the Senate inquiry.

Minister, even after your amendments to take the turnover threshold for the small business concession to $10 million, nine out of 10 small businesses remain worse off, as you have removed the 50 per cent CGT discount, which could be stacked with small-business concessions. Why do you continue, then, to claim that small businesses are protected from your CGT changes?