Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025; Second Reading

Scamps backed most of the bill but proposed an amendment to keep the immediate asset deduction in place indefinitely and set a $20,000 tax-free limit for small firms. Scamps condemned the yearly renewal of the deduction for causing instability and urged permanent reforms to aid small business spending. Scamps also questioned cutting back on financial regulator assessments and demanded steps to lower energy costs by halting costly gas ventures.

Coffey supported the bill, drawing on extensive experience in the charity sector to highlight the importance of transparency and accountability. Coffey argued that allowing the Australian Charities and Not-for-profits Commission to disclose investigations would restore public trust and protect donors. Coffey stated the reforms complemented other measures to reduce red tape and support the sector's contribution to the economy and community.

Chaney supported the bill, particularly the extension of the instant asset write-off, which she described as practical support for small businesses. Chaney noted that crossbench pressure had previously ensured timely legislation for the measure and commended the government for legislating the extension to June 2026. Chaney seconded Scamps' amendment, arguing that making the write-off permanent and indexing it to inflation would provide necessary certainty for business planning.

Husic supported the bill, emphasising the importance of trust in the financial system and the role of regulators in maintaining it. Husic cited the record fine against ANZ for misconduct as evidence of the need for strong regulatory oversight and enforcement powers. Husic argued that the bill's changes to the review cycle for financial regulators would allow for more comprehensive assessments and better protection for consumers.

Watson-Brown stated the Greens supported the bill in the House but reserved their position for the Senate pending an inquiry. Watson-Brown welcomed the instant asset write-off extension but criticised the beneficial ownership reforms for failing to create a public register or address private companies and trusts. Watson-Brown argued that without a public register, large corporations could continue to hide ownership and avoid tax, citing examples of major companies paying no tax.

Ambihaipahar supported the bill, highlighting measures to enhance transparency for multinational corporations and support small businesses. Ambihaipahar argued the public beneficial ownership register would crack down on tax avoidance and ensure fairness for local businesses. Ambihaipahar also praised the reforms to charity oversight and the extension of energy market misconduct provisions as steps towards a fairer economy.

Steggall supported the bill's transparency measures but criticised the temporary nature of the instant asset write-off. Steggall argued that small businesses needed certainty and called for the measure to be made permanent and increased in value. Steggall also raised concerns about the implementation of the Scams Prevention Framework and the administrative burdens faced by small businesses, including visa processing times and GST thresholds.

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Spender supported the bill overall, particularly Schedule 1 regarding beneficial ownership disclosure. However, Spender expressed concern that extending the Financial Regulator Assessment Authority review cycle from two to five years might reduce regulator accountability, citing delays in regulatory responses. Spender strongly criticised the annual renewal of the $20,000 instant asset write-off, arguing that its temporary status created uncertainty for small businesses. Spender proposed making the write-off permanent and suggested alternative reforms, such as raising the small business employee threshold in the Fair Work Act and linking government procurement to timely payment practices.

Campbell argued that the bill strengthened financial system pillars of investment, transparency, and accountability. Campbell highlighted Schedule 1's role in creating a public beneficial ownership register to combat money laundering and tax evasion. Campbell also defended Schedule 2, which allows the Australian Charities and Not-for-profits Commission to disclose investigation details to prevent harm, and Schedule 7, which broadens the immediate asset deduction to aid small business cash flow.

Leigh commended the bill for improving market confidence and regulatory performance through enhanced corporate disclosure and charity oversight. Leigh explained that extending the regulator review cycle to five years would allow for more comprehensive assessments and adequate time for implementation. Leigh stated that the government would oppose the second reading amendments moved by the shadow Treasurer and the member for Wentworth, arguing that the bill's approach to scrutiny and tax reform was superior.