Tuesday, 19 June 2012
Questions without Notice
Thank you, Mr President. I was actually wanting to respond, because I neglected to respond to Senator Birmingham's small-business question by reminding him that, of course, the government has put in place a number of tax relief measures for small business. The instant asset write-off will ensure that small business can write off up to $6½ thousand on an asset as well as the first $5,000 on a vehicle. We also introduced in the previous budget the loss carry-back rule, which we anticipate will significantly benefit primarily small business.