Billson seeks fast passage of tax breaks

Small business tax changes will come to parliament on Thursday, as the government seeks Labor support for fast-tracking the laws.

Federal Minister for Small Business Bruce Billson

The government plans to establish a small business ombudsman, Bruce Billson says. (AAP)

The federal government has urged Labor and crossbenchers to quickly pass new laws delivering tax breaks to small business.

Small Business Minister Bruce Billson will introduce a package of bills on Thursday giving effect to federal budget measures for business.

"When that package is there, we will be looking for Labor, who have made noises of support, to turn that into tangible action," he told the National Press Club on Wednesday.

The coalition joint party room on Tuesday approved three bills for introduction and the government has given them "accelerated passage" status.

The laws will among other things enact a $20,000 instant asset write-off for businesses with a turnover of less than $2 million, a 1.5 per cent corporate tax cut and a five per cent tax discount for unincorporated small businesses.

The government also plans to bring forward to budget night a $70 million asset depreciation measure for primary producers, which was intended to start from July 1 next year.

Mr Billson said Senate crossbenchers appeared "pretty upbeat" about the tax changes.

The minister said he would act quickly in putting in place a new small business ombudsman and respond to the findings of the competition policy review in the second half of 2015.

Small businesses seeking to take on cashed-up larger companies should have fairer access to the justice system, he said.

Asked about his approach to workplace law, Mr Billson said he hoped more business groups could persuade the Fair Work Commission to make further changes to awards following the success of the hospitality industry in adjusting penalty rates.

"The machinery is there, a number are taking it up and compiling the evidence that has proven to be persuasive once and I hope it's persuasive again."

Mr Billson said he would like to provide more incentives to small business but the government faced the challenge of balancing the budget.

"I've got other ideas, but I've got to be able to fund them."


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Source: AAP


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