Taxation (Multinational — Global and Domestic Minimum Tax) Bill 2024

The majority voted against an amendment to the usual second reading motion, which is "that the bill be read a second time" (parliamentary jargon for agreeing with the main idea of the bill). This amendment was introduced by Hume MP Angus Taylor (Liberal).

Amendment text

That all words after "That" be omitted with a view to substituting the following words:

"whilst not declining to give the bill a second reading, the House notes that:

(1) the former Government consistently delivered lower taxes for small business and families, and implemented more than a dozen measures to combat multinational tax avoidance;

(2) the Government voted eight times against delivering a bigger tax cut to small business in last year's instant asset write-off;

(3) the Government's last multinational tax bill was so badly designed it taxed Australian companies;

(4) since the election, Australians are paying 20 per cent more income tax and the Government has banked over $60 billion in bracket creep; and

(5) despite promising to only raise taxes on multinationals at the election, the Government has broken promises to raise taxes on superannuation, unrealised capital gains, franking credits, and personal income, and ending small business tax incentives".