This bill became law on Dec 4th, 2025.
Budget, tax & economy
The Act strengthens beneficial ownershipInformation about who ultimately owns, controls or benefits from an entity, even where interests are held through another person, company or financial product. disclosure for listed entities by expanding substantial holding and tracing noticeA notice that can require information about who has interests in securities. The Act changes the tracing notice rules for listed entities. rules, including interests held through some equity derivatives, and by broadening ASIC enforcement powers.
The bill brought together Treasury measures the government described as strengthening market confidence, improving regulator operation and supporting long-term growth. The explanatory memorandum ties the ownership-disclosure changes to the government's 2022 multinational tax integrity platform and Financial Action Task Force expectations, the ACNCThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. and FRAAThe Financial Regulator Assessment Authority, which reviews ASIC and APRA. The Act changes the regular review cycle to every five years. measures to 2023-24 Budget decisions, and the instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time. extension to a 4 April 2025 election commitment.
The Act sits inside a wider Treasury reform package about transparency, regulator workload and small-business support. The explanatory memorandum links the ownership-disclosure schedule to the government's 2022 multinational tax integrity platform and later consultation, the ACNCThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. and FRAAThe Financial Regulator Assessment Authority, which reviews ASIC and APRA. The Act changes the regular review cycle to every five years. schedules to 2023-24 Budget measures, the energy provisions to keeping existing market-misconduct safeguards in force, and the instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time. to a 2025 election commitment.
Debate generally accepted much of the omnibus Treasury package, but criticism focused on whether the small-business support was too short term, whether five-year reviews would reduce scrutiny of ASIC and APRA, whether beneficial ownershipInformation about who ultimately owns, controls or benefits from an entity, even where interests are held through another person, company or financial product. disclosure went far enough, and whether ACNCThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. investigation disclosure should be broader.
Andrew Leigh, Assistant Minister for Productivity, Competition, Charities and Treasury introduced this bill. It passed on the voices.
Did it become law?
Yes
Became law 04 Dec 2025
Final passage
Passed without a counted vote
8 recorded amendment or procedural votes were found, but no counted vote on the bill itself was recorded.
Passage speed
91 days
From introduction to the latest recorded parliamentary step
Meaning
The Act strengthens beneficial ownershipInformation about who ultimately owns, controls or benefits from an entity, even where interests are held through another person, company or financial product. disclosure for listed entities by expanding substantial holding and tracing noticeA notice that can require information about who has interests in securities. The Act changes the tracing notice rules for listed entities. rules, including interests held through some equity derivatives, and by broadening ASIC enforcement powers.
The Australian Charities and Not-for-profits CommissionThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. can disclose protected information about new or ongoing investigations in specified circumstances, subject to a public harm safeguard.
The Financial Regulator Assessment AuthorityThe Financial Regulator Assessment Authority, which reviews ASIC and APRA. The Act changes the regular review cycle to every five years. review cycle for ASIC and APRA changes to every five years, which the explanatory memorandum says is intended to reduce regulatory burden and allow more comprehensive reviews.
The Act makes Treasury portfolio maintenance changes across areas including scams prevention, sustainability reporting, GST and fuel tax credits, foreign investment forms, acquisition-notification rules and National Rental Affordability Scheme administration.
Energy market misconduct provisions in the Competition and Consumer Act are extended for five years, from 1 January 2026 to 1 January 2031.
Small businesses with aggregated annual turnover below $10 million can continue to immediately deduct eligible depreciating assets costing less than $20,000 if first used or installed ready for use by 30 June 2026.
Schedule 1 to the Bill amends the Corporations Act to enhance the beneficial ownership disclosure obligations that already apply to entities listed on Australia’s financial markets (referred to in this Explanatory Memorandum as ‘listed entities’). In particular, these amendments bolster the substantial holding and tracing notice regimes that govern the disclosure of beneficially owned interests in listed entities. ThTreasury Laws Amendment (Strengthening Financial Systems and Other Measures) explanatory memorandum
Schedule 2 to the Bill amends the Australian Charities and Not-for-profits Commission Act 2012 (ACNC Act) to provide two new exceptions for the public disclosure of protected Australian Charities and Not-for-profits Commission (ACNC) information about new and ongoing investigations, The Commissioner may authorise ACNC officers to disclose information about a recognised assessment activity in relation to a registeredTreasury Laws Amendment (Strengthening Financial Systems and Other Measures) explanatory memorandum
Schedule 3 to the Bill amends the Financial Regulator Assessment Authority Act 2021 (FRAA Act) to reduce the frequency of the Financial Regulator Assessment Authority’s (FRAA) reviews of the Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA) to every five years. This lessens the regulatory burden on ASIC and APRA and alTreasury Laws Amendment (Strengthening Financial Systems and Other Measures) explanatory memorandum
Division 1—Scams prevention framework 96 Competition and Consumer Act 2010 96 Division 2—Sustainability reporting 98 Corporations Act 2001 98 Division 3—Deregistration 102 Corporations (Aboriginal and Torres Strait Islander) Act 2006 102 Corporations Act 2001 102 Division 4—Notifying ASIC about authorised representatives 104 Corporations Act 2001 104 Division 5—Lodgment of document without payment of fee 105 Corporations Act 2001 105 Division 6—When resignation of directors of registered charities takesTreasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 as passed by both Houses
Schedule 6 to the Bill extends the operation of Part XICA of the Competition and Consumer Act 2010 (CCA) for another five years, from 1 January 2026 to 1 January 2031. Date of effect Schedule 6 to the Bill commences the day after Royal Assent. Financial impTreasury Laws Amendment (Strengthening Financial Systems and Other Measures) explanatory memorandum
This will allow small businesses (with an aggregated annual turnover of less than $10 million) to immediately deduct the full cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use for a taxable purpose on or before 30 June 2026. The extension will improve cash flow and reduce compliance costs for small businesses. Date of effect Schedule 7 to the Bill commenceTreasury Laws Amendment (Strengthening Financial Systems and Other Measures) explanatory memorandum
Context
The Act sits inside a wider Treasury reform package about transparency, regulator workload and small-business support. The explanatory memorandum links the ownership-disclosure schedule to the government's 2022 multinational tax integrity platform and later consultation, the ACNCThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. and FRAAThe Financial Regulator Assessment Authority, which reviews ASIC and APRA. The Act changes the regular review cycle to every five years. schedules to 2023-24 Budget measures, the energy provisions to keeping existing market-misconduct safeguards in force, and the instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time. to a 2025 election commitment.
Government promises stronger corporate transparency
The explanatory memorandum says the listed-entity ownership disclosure schedule delivers part of the government's 2022 multinational tax integrity platform to address tax avoidance and improve corporate transparency.
Explanatory memorandum ↗Budget measures shape charity and regulator changes
The explanatory memorandum says the ACNCThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. disclosure measure partially implements a Treasury portfolio resourcing measure and the FRAAThe Financial Regulator Assessment Authority, which reviews ASIC and APRA. The Act changes the regular review cycle to every five years. review-frequency change was announced in the 2023-24 Budget.
Explanatory memorandum ↗Ownership disclosure draft released for consultation
Treasury released the Schedule 1 ownership-disclosure amendments for public consultation; the explanatory memorandum says the final amendments included responses to stakeholder feedback.
Explanatory memorandum ↗Instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time. commitment announced
The explanatory memorandum says the small-business instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time. extension was accounted for in the 2025-26 Budget and announced on 4 April 2025 as an election commitment.
Explanatory memorandum ↗Treasury bill introduced in the House
Andrew Leigh introduced the bill and described it as a package covering corporate disclosure, charities, financial-regulator oversight, energy market protections and taxation.
House of Representatives Hansard ↗Senate refers bill to economics committee
The APH bill page records that the bill was referred to the Senate Economics Legislation Committee, with a committee report listed for 19 November 2025.
APH bill page notes ↗Senate defeats amendments and passes bill
The Senate defeated amendment proposals on ACNCThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. disclosure, regulator reviews, ownership-disclosure timing, firefighter and paramedic superannuation, register fees and the instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time. before passing the bill.
Senate Hansard and Journal outcomes ↗Bill receives Royal AssentThe formal approval that turns a bill passed by Parliament into an Act. This bill received Royal Assent on 4 December 2025.
Royal AssentThe formal approval that turns a bill passed by Parliament into an Act. This bill received Royal Assent on 4 December 2025. turned the bill into the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025.
Federal Register of Legislation metadata ↗Legislative route
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
The bill reached this recorded parliamentary step.
The bill reached this recorded parliamentary step.
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Second reading agreed to
The chamber considered the bill in detail and dealt with amendments before the next stage.
Consideration in detail debate
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Third reading agreed to
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
The Scrutiny of Bills committee considered the bill before the Senate committee referral.
Considered in Scrutiny Digest 6 of 2025
APH bill page notesThe Senate referred the bill to the Economics Legislation Committee for inquiry and report.
Referred to committee; report due 19 Nov 2025
APH bill page notesThe chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Second reading agreed to
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Third reading agreed to
Both houses passed the bill in the same form, completing parliamentary passage.
Finally passed both Houses
The Governor-General gave Royal AssentThe formal approval that turns a bill passed by Parliament into an Act. This bill received Royal Assent on 4 December 2025., turning the bill into an Act.
Key criticism
Debate generally accepted much of the omnibus Treasury package, but criticism focused on whether the small-business support was too short term, whether five-year reviews would reduce scrutiny of ASIC and APRA, whether beneficial ownershipInformation about who ultimately owns, controls or benefits from an entity, even where interests are held through another person, company or financial product. disclosure went far enough, and whether ACNCThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. investigation disclosure should be broader.
The bill still passed both houses; the recorded amendment proposals on these issues were defeated or not adopted.
Short-term small-business support
Crossbench MPs argued that another one-year $20,000 instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time. extension gave small businesses too little certainty and should be made permanent, increased, or paired with broader small-business tax relief.
Less frequent regulator reviews
Opposition and crossbench speakers questioned moving FRAAThe Financial Regulator Assessment Authority, which reviews ASIC and APRA. The Act changes the regular review cycle to every five years. reviews of ASIC and APRA from every two years to every five years, arguing that major financial misconduct concerns made regulator accountability more important.
Beneficial ownership reforms too narrow
The Greens argued the bill only marginally improved existing disclosure obligations and did not deliver a public beneficial ownershipInformation about who ultimately owns, controls or benefits from an entity, even where interests are held through another person, company or financial product. register covering private companies and trusts.
ACNC disclosure should go further
The Greens moved a Senate second-reading amendment saying consideration should be given to Treasury Review recommendations on disclosing ongoing ACNCThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. investigations where it is in the public interest or would help obtain information from the community.
Further sources
Votes
The bill passed both chambers on the voices. The counted divisions below were about amendments or procedure, not final passage.
House agreed to the bill's third reading on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.
Passed on the voices
In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.
Senate agreed to the bill's third reading on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.
Passed on the voices
In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.
Recorded amendment and procedural votes grouped by chamber. Expand a vote to see the party breakdown.
House
Moved by Sophie Scamps (Crossbench). Defeated 8 to 79. Support came from Greens and minor parties and independents. Opposition came from Labor and Nationals. Minor-party and independent votes were split.
The bill continued without adding that small-business policy statement to the second-reading motion.
Moved by Ted O'Brien (Liberal Party of Australia). Defeated 40 to 90. Support came from Liberal Party and Nationals. Opposition came from Labor and Greens. Minor-party and independent votes were split.
The House then agreed to the original second-reading question and read the bill a second time.
Moved by Zali Steggall Oam, (Crossbench). Defeated 9 to 64. Support came from Greens and minor parties and independents. Opposition came from Labor and Nationals. Minor-party and independent votes were split.
Schedule 7 remained the government version extending the $20,000 threshold to 30 June 2026.
Senate
Moved by David Shoebridge (Australian Greens). Defeated 13 to 25. Support came from Greens, Australia's Voice, and One Nation. Opposition came from Labor and Liberal Party. Minor-party and independent votes were split.
The Senate then agreed to the original second-reading question and read the bill a second time.
Moved by James Paterson (Liberal Party of Australia). Passed 31 to 22. Support came from Labor and Greens. Opposition came from Liberal Party, Australia's Voice, Nationals, One Nation, and minor parties and independents. Minor-party and independent votes were split.
This kept the bill's change from two-yearly to five-yearly FRAAThe Financial Regulator Assessment Authority, which reviews ASIC and APRA. The Act changes the regular review cycle to every five years. reviews of ASIC and APRA.
Moved by James Paterson (Liberal Party of Australia). Defeated 20 to 32. Support came from Liberal Party, Nationals, One Nation, and minor parties and independents. Opposition came from Labor, Greens, Australia's Voice, and minor parties and independents.
Schedule 1 kept the 12-month commencement period in the bill.
Moved by Nick McKim (Australian Greens). Defeated 12 to 27. Support came from Greens and Australia's Voice. Opposition came from Labor, Liberal Party, One Nation, and minor parties and independents. Minor-party and independent votes were split.
Those proposed additions and requests were not included in the Act.
Moved by Tammy Tyrrell (Crossbench). Defeated 23 to 29. Support came from Liberal Party, Australia's Voice, Nationals, One Nation, and minor parties and independents. Opposition came from Labor and Greens.
Schedule 7 remained a $20,000 extension to 30 June 2026.
These are amendment votes, not the final passage vote on the bill itself. The bill passed both chambers on the voices.
Parliamentary debate
Start here — lead voices
Andrew Leigh said the bill was designed to strengthen confidence in markets, improve regulators, extend the instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time., improve ownership transparency, allow limited ACNCThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. disclosures and extend energy market protections.
Read in Hansard ↗Kate Chaney supported the bill and welcomed the instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time. while saying small businesses needed certainty beyond repeated one-year extensions.
Read in Hansard ↗Sophie Scamps said much of the bill was sensible but moved a second-reading amendment calling for permanent small-business tax support.
Read in Hansard ↗Jo Briskey supported the bill as a practical Treasury package covering corporate transparency, charity oversight, regulator reviews, energy market protections and the instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time..
Read in Hansard ↗All speeches by bloc
7 speakers · 8 contributions · 7 support
“It covers corporate transparency, charity oversight, financial regulator reviews, energy market protections and support for small businesses through the extension of the instant asset write-off.”Read the full speech in Hansard ↗
“When we talk about the foundations of stronger productivity and public trust in our financial system, three pillars stand out as absolutely essential: investment, transparency and accountability.”Read the full speech in Hansard ↗
“This bill introduces a suite of measures that enhance transparency and accountability while also supporting our small businesses.”Read the full speech in Hansard ↗
Hansard records 2 separate contributions by Andrew Leigh on this bill. They are grouped here so the speaker is listed once.
Minister's second reading speech
Andrew Leigh said the bill was designed to strengthen confidence in markets, improve regulators, extend the instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time., improve ownership transparency, allow limited ACNCThe Australian Charities and Not-for-profits Commission, the national charities regulator. The Act allows specified disclosures about recognised assessment activities. disclosures and extend energy market protections.
“This bill consists of measures designed to strengthen confidence in our markets, improve the way regulators operate and support long-term economic growth.”Read this contribution in Hansard ↗
Second reading speech
Andrew Leigh closed the House debate by defending the bill and saying the government would not support the second-reading and detail amendments.
“We are heading now towards votes on two second reading amendments and a substantive amendment.”Read this contribution in Hansard ↗
“Before coming to this place, I had the honour of working and volunteering in the Australian charity and non-profit sector for more than two decades”Read the full speech in Hansard ↗
“Schedule 7 extends the $20,000 instant asset write-off until 30 June 2026 for eligible businesses.”Read the full speech in Hansard ↗
“This legislation will be an important step in giving further strength and improving the efficiency of our financial regulations.”Read the full speech in Hansard ↗
1 speaker · 1 mixed
“The Greens are supporting the bill in the House, but we reserve our position for the Senate, pending a Senate inquiry into the bill.”Read the full speech in Hansard ↗
4 speakers · 5 contributions · 1 support · 3 mixed
“Let me start by saying that much of what's in this bill is sensible.”Read the full speech in Hansard ↗
“Schedule 3 changes the reporting period of the Financial Regulator Assessment Authority from two years to five years. This measure does raise some concerns for me”Read the full speech in Hansard ↗
Hansard records 2 separate contributions by Zali Steggall on this bill. They are grouped here so the speaker is listed once.
Second reading speech
Zali Steggall supported the bill overall but argued the instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time. should be permanent, higher than $20,000 and linked to energy efficiency and waste reduction.
“The instant asset write-off extension is welcome, but, again, it is too low and the government needs to provide certainty by ensuring that it be permanent.”Read this contribution in Hansard ↗
Second reading speech
Zali Steggall supported the bill in detail debate but pressed amendments to make the instant asset write-offA tax rule allowing eligible small businesses to immediately deduct the cost of eligible depreciating assets below a threshold, rather than depreciating them over time. larger, permanent and linked to energy efficiency or waste reduction.
“This omnibus bill, the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025, looks to improve corporate disclosure, widen transparency and extend the instant asset write-off for small business. I support these measures.”Read this contribution in Hansard ↗
“I'd like to speak today in support of the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025.”Read the full speech in Hansard ↗
Record
House · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
House · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
House · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
House · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
House · Second reading agreed to
Second reading agreed
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
House · Consideration in detail debate
Consideration in detail
The chamber considered the bill in detail and dealt with amendments before the next stage.
House · Third reading agreed to
Third reading agreed
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Senate · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Senate · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Senate · Second reading agreed to
Second reading agreed
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Senate · Third reading agreed to
Third reading agreed
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Parliament · Finally passed both Houses
Passed both houses
Both houses passed the bill in the same form, completing parliamentary passage.
Assent · Assent
AssentThe formal approval that turns a bill passed by Parliament into an Act. This bill received Royal Assent on 4 December 2025.
The Governor-General gave Royal AssentThe formal approval that turns a bill passed by Parliament into an Act. This bill received Royal Assent on 4 December 2025., turning the bill into an Act.
Senate Standing Committee for the Scrutiny of Bills
Considered in Scrutiny Digest 6 of 2025
The Scrutiny of Bills committee considered the bill before the Senate committee referral.
The APH bill page notes that the Scrutiny of Bills committee considered the bill on 29 October 2025 in Scrutiny Digest 6 of 2025.
APH bill page notesSenate Economics Legislation Committee
Referred to committee; report due 19 Nov 2025
The Senate referred the bill to the Economics Legislation Committee for inquiry and report.
The APH bill page records referral to the Senate Economics Legislation Committee on 30 October 2025, with a committee report date of 19 November 2025.
APH bill page notes
