QUESTIONS WITHOUT NOTICE

Dr MULINO (Fraser—Assistant Treasurer and Minister for Financial Services) (15:13): I thank the member for the question, and I reiterate the fact that these are important reforms. These are reforms that are needed for the fairness of our system, and I reiterate that these are reforms that have been informed by extensive stakeholder consultation. In the bill that the Treasurer introduced earlier this week, there are two different mechanisms by which small businesses can restructure, and they are contained in schedule 2 and schedule 3.

Schedule 2 contains a mechanism by which it is possible for a business to move to a corporate structure, and there will be rollover relief in relation to Commonwealth taxes. Schedule 3 relates to an election method, which is something which has been added—again, after stakeholder consultation. That will provide for relief, which includes, on our advice, relief from state transaction taxes.

We believe that providing that additional restructuring option is a very significant improvement in the overall package, and we believe that this is a package which is delivering both fairness and appropriate flexibility.