Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025

The majority voted against a second reading amendment introduced by Mackellar MP [Sophie Scamps] (Independent), which means it failed. The amendment would have changed the words of 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).

Amendment text

That all words after “House” be omitted with a view to substituting the following words:

(1) notes that the bill continues the practice of legislating the instant asset write-off measure annually, which creates uncertainty and discourages investment at a time when many small businesses are already struggling; and

(2) calls on the Government to do more to support small businesses, including:

(a) making the instant asset write-off permanent; and

(b) adopting a $20,000 tax-free threshold for small business operators with annual turnover of less than $10 million, as proposed by the member for Mackellar”.