A dedicated Small Business Act will seek to provide a single definition for a small business under law and guarantee owner operators are listened to in the writing of new laws under a Coalition government, Tim Wilson has revealed.

The Shadow Treasurer wants to bring the Liberal Party back to basics by announcing the Stand with Small campaign at the National Press Club in Canberra.

Mr Wilson told the nation’s business and political elite a future Coalition government would consult on the Act, which would provide a single definition in all commonwealth law for what defines a small business.

Consultation would also take place on a “right to be paid”, which Mr Wilson said would set legal maximum payment terms to small business from government and big business.

The Act would also seek to ensure “each new law should require a small business regulatory impact statement”, a pathway for feedback, and a space for small businesses to be heard, including by the Reserve Bank, the Australian Securities and Investments Commission, Australian Taxation Office, and Fair Work Commission.

It would also introduce new and expanded requirements for government procurement that “must come from small business”.

Mr Wilson accused the government of having “declared war on the self-starters and small businesses” of Australia. It comes amid criticism from parts of the small business sector about capital gains tax discount changes.

“We are going to fight for them,” he said.

“For too long Australia’s laws have been designed around the influence of those that can hire lobbyists to walk the Prime Minister’s corridor.

“In generations past, young Australians got ahead by buying property. Young Australians know that to get ahead you need to invest, and build a small business, side hustle, equity or start-up.”

Mr Wilson said, in conversations over the past year, he has reached the conclusion that “we have and economy designed for the 20th Century, and I am no longer convinced tinkering at the margins will fix it”.

Opposition Leader Angus Taylor announced in his budget reply speech plans to introduce an instant $50,000 asset write off for business with an annual turnover of less than $1m, and would peg the two lowest tax brackets to inflation to address budget creep.

Speaking before Mr Wilson’s speech, Mr Taylor said the Albanese government “did not like small business”, and sought to replace them with “big government”.

“What they’re planning to do now is going to do exactly that, replace small business with big government,” he said.

“Only this government could be so arrogant and so could so badly misunderstand this country as to think that that’s a good idea.”

CGT carve out must extend to farmers: Canavan

And while the Coalition has firmly opposed Labor’s tax changes, Nationals leader Matt Canavan told the Rural Press Club farmers should be included in the consultation process, alongside tech start-ups for a potential carve out.

Last week, Treasurer Jim Chalmers pledged the Albanese government would engage in consultations to get the tax settings right after intense backlash from the start-up and small business sector.

But Senator Canavan argued in his speech on Wednesday this offer should extend to businesses in the agricultural sector too.

He described the capital gains tax changes as “a handbrake on anyone who wants to grow a business and … a handbrake on our economy, productivity and growth”.

“This is especially true for our farmers who take high risk, suffer low annual returns

but can keep going through a drought knowing that their land value will probably

increase whatever the weather forecast is,” he said.

“The government has said that it would consult with the tech and start-up industries

given their unique characteristics,” Senator Canavan said.

“Well, farmers face some pretty unique challenges too, and in terms of the impact of the government’s capital gains tax broken promise, the impact on farmers would be very similar to the start-up industry.”