Small business package passes house

The Abbott government's small business package has passed the House of Representatives.

The Abbott government has pushed its small business package through parliament's lower house, a day after coalition MPs opted to drag out debate.

The government didn't require any of its backbenchers to talk about the budget centrepiece measures on Thursday, preferring to take it to a vote at the first opportunity.

The package includes a 1.5 per cent tax cut to apply from July 1 and an accelerated depreciation allowance for assets up to $20,000 purchased from May 12, the day of its announcement in the budget.

Small Business Minister Bruce Billson welcomed the fact that nearly 30 MPs had taken part in a debate about a sector that was critical to Australia's economic success.

The small business company tax rate at 28.5 per cent was the lowest since 1967 and would potentially benefit up to 780,000 business companies, he told parliament.

The package now goes to the Senate where Mr Billson expects it be one of the first pieces of government business for the upper house to consider.

"We're putting the rocket fuel into the engine room of the economy," he said.


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Source: AAP


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