Opened the debate
Chalmers argued that the bill delivered key components of the government's tax reform agenda, focusing on supporting business investment and reducing compliance costs. Chalmers stated that the legislation made the $20,000 instant asset write-off permanent and introduced a two-year loss carry-back for companies with global income under $1 billion. Chalmers claimed these measures would benefit up to 85,000 companies annually and reduce small business compliance costs by approximately $32 million per year. Chalmers also highlighted the inclusion of tax exemptions for employees of the PNG Chiefs Limited to support the new NRL franchise in Papua New Guinea.