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So much achieved, so much more to do

At the close of Parliament on 22 June for the winter recess the Turnbull Government legislated 17 bills from the Budget handed down in May, a demonstration that we are getting on with the job and delivering on our promises. The measures will have a positive impact on the lives of Australians as well as on Australian businesses.

Just in the last sitting fortnight of parliament we passed Budget legislation which:

  • Delivers a small business instant asset write off extension to 2017-18 for businesses with a turnover of up to $10 million, so they can invest and create more jobs;
  • Places a levy on the major banks;
  • Provides extra support for pensioners and others dealing with rising energy costs through a one-off payment;
  • Lifts the Medicare Levy Threshold indexation so people on lower incomes, who were previously exempt, continue to be exempt from the Medicare Levy;
  • Strengthens the integrity of our foreign investment rules, including removing tax benefits for foreign investors in residential real estate;
  • Establishes the Medicare Guarantee Fund to ensure that health is the first port of call on Government resources;
  • Extends the eligibility of the Pensioner Concession Card;
  • Prevents tax fraud in precious metals trading.

Also this week, our laws applying the GST on low value goods sold internationally passed the Parliament. This will even the playing field for small business in Australia and ensures multinationals pay tax on the goods they sell here. The laws, coming into effect from 1 July 2018, were delayed by the Labor Party who once again showed they are all talk when it comes to ensuring multinationals pay their fair share of tax.

Parliament is set to resume on 7 August, we keen to be getting on with the job.