Small Businesses With Under $10 Million Turnover Can Deduct Assets Under $20,000; Financial Advisers Must Meet New Standards by 2026; Government-Funded Disability Services Pay No GST
Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025
House of Representatives
Senate
Assent
Topics
consumer protection corporate governance financial regulation housing investor rights professional licensing public finance rental market shareholding disclosure stock market taxation tenancy +7 more
Introduced by: The Hon Dr Andrew Leigh MP (ALP)
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The Australian Securities and Investments Commission (ASIC) can order a person to stop acquiring interests in securities and stop them from voting.
People with substantial holdings must disclose their holding percentage and their derivative-based holding percentage.
Disclosers must provide specific information for each agreement when directed by ASIC, and provide the information ASIC specifies when it makes a determination about their economic interests.
Disclosers must provide a certified true copy of a document within 7 days of a request.
The key person for a body must keep a register, the form and content of which can be dictated by ASIC.
People who break substantial holding rules may be required to pay compensation or face criminal offences for breaching specific rules.
The Inspector-General of Taxation can delegate powers to qualified staff to request Tax File Numbers for complaint investigations, as well as the power to stop investigations or transfer non-tax complaints to the Commonwealth Ombudsman.
The Secretary of the Department of Social Services or the Secretary of the Treasury can exercise and delegate powers under the National Rental Affordability Scheme.
People applying for foreign investment approval must follow the forms and methods approved by the Secretary of the Department of Social Services or the Secretary of the Treasury, including data entry into the Foreign Investment Portal.
The Secretary of the Department of Social Services or the Secretary of the Treasury can accept a 'substantially compliant' application for foreign investment if appropriate; such decisions are not subject to merits review.
Companies registered with the ACNC can simplify reporting director resignations; notifying the ACNC Commissioner counts as notifying ASIC, and the ACNC Commissioner must then pass those details to ASIC.
The Commissioner of Taxation can use address information from ASIC to send director penalty notices to current or former company directors for unpaid tax and superannuation.
Small businesses with an annual turnover under $10 million can immediately deduct the full cost of assets costing less than $20,000 if first used for a taxable purpose by 30 June 2026, including costs for improving assets and low-value pool deductions.
Small businesses that previously opted out of simplified depreciation rules can choose to use them again for assets first used between 1 July 2025 and 30 June 2026.
Supplies of disability services funded by the government are exempt from GST, applicable retrospectively to services provided on or after 1 January 2024.
Taxpayers who missed claiming an input tax credit or fuel tax credit in the correct period can claim it in a later period using an approved form, though this choice is irrevocable.
Taxpayers can claim an income tax deduction for GST paid via reverse charge if it exceeds their available input tax credits.
Financial advisers must meet specific qualification standards by 31 December 2025 to provide personal advice to retail clients from 1 January 2026, either by completing a Minister-approved degree or 'top-up' courses.
Financial advisers who failed exams by required dates or are not 'relevant providers' by 1 January 2026 lose access to 'top-up' courses and must pass the exam, complete a Minister-approved degree, and finish a professional year of training to return to practice.
Businesses must notify the government of acquisitions taking effect on or after 1 January 2026 if they fall into categories set by the Treasurer, who can also specify exempt acquisitions after consulting with the ACCC.
The rules and remedies used to regulate conduct in electricity markets are extended for another five years, now ending on 1 January 2031.
The Debate
What different members said when this bill was debated:
Dr Andrew Leigh ALP
“I move: That this bill be now read a second time. This bill consists of measures designed to strengthen confidence in our markets, improve the way regulators operate and support long-term economic growth. Its provisions span areas as diverse as corporate disclosure, the regulation of charities, oversight of financial regulators, energy market protections and taxation.”