❓ Ms Saffioti questions the Minister for Small Business about the impact of deferring the abolition of transfer duty on intangible assets on small businesses, given declining state revenue and GST cuts. The Minister highlights the revenue impact on the state budget.
AnsweredQoN 194Legislative Assembly
QuestionView source ↗
TRANSFER
DUTY — INTANGIBLE ASSETS
194. Ms R. SAFFIOTI to the Minister for Small Business:
I have a supplementary question. As the Minister for Small
Business, when she makes decisions around the cabinet table about new taxes or
the deferral of the abolition of existing taxes—if the Treasurer wants
to answer the question, he can—how does she determine what impact this
decision will have on small business if she has no idea what the impact will
be?
DUTY — INTANGIBLE ASSETS
194. Ms R. SAFFIOTI to the Minister for Small Business:
I have a supplementary question. As the Minister for Small
Business, when she makes decisions around the cabinet table about new taxes or
the deferral of the abolition of existing taxes—if the Treasurer wants
to answer the question, he can—how does she determine what impact this
decision will have on small business if she has no idea what the impact will
be?
AnswerView source ↗
I think the member needs to get the deferment of the duty in
context. The impact on small business will occur at the time the business is
sold or that the transfer of the business occurs.
Mrs M.H. Roberts :
Everyone knows that.
Ms R. Saffioti :
Yes. We know the definition, but what's the impact on small businesses?
Mrs L.M. HARVEY :
The impact on the budget for the state is somewhere in the region of $128 million
worth of revenue, I believe. These decisions are not decisions the government
likes to make, but in the context of where we sit with our declining revenue,
particularly with respect to our declining GST —
Mr
B.S. Wyatt interjected.
The SPEAKER : Member for
Victoria Park, I call you to order for the second time.
Mrs L.M. HARVEY :
Unfortunately, we have to make tough decisions as a government when our friends
in Canberra cut off our supply of the GST revenue.
context. The impact on small business will occur at the time the business is
sold or that the transfer of the business occurs.
Mrs M.H. Roberts :
Everyone knows that.
Ms R. Saffioti :
Yes. We know the definition, but what's the impact on small businesses?
Mrs L.M. HARVEY :
The impact on the budget for the state is somewhere in the region of $128 million
worth of revenue, I believe. These decisions are not decisions the government
likes to make, but in the context of where we sit with our declining revenue,
particularly with respect to our declining GST —
Mr
B.S. Wyatt interjected.
The SPEAKER : Member for
Victoria Park, I call you to order for the second time.
Mrs L.M. HARVEY :
Unfortunately, we have to make tough decisions as a government when our friends
in Canberra cut off our supply of the GST revenue.
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