Treasury Laws Amendment (Strengthening Accountability for Tax Adviser Misconduct and Other Measures) Bill 2026; Second Reading

Spender supported the principle of taxing foreign investors on assets connected to Australian land but criticised the initial lack of transition arrangements. Spender argued that the original bill risked deterring clean energy investment due to perceived sovereign risk and short concession periods. Spender welcomed the government's decision to make the changes prospective and to extend the renewable energy capital gains tax discount to 2040. Spender commended the swift action on merger regime amendments that reduced reporting burdens for venture capital and minority interests.

Holzberger supported the bill as a measure to ensure equality of opportunity and fair taxation for all Australians. Holzberger linked the reforms to the PwC scandal, arguing that stronger penalties were needed to deter tax advisers from exploiting confidential government information. Holzberger emphasised that the legislation protected honest small businesses and consumers from unfair competition by unregistered or unethical practitioners. Holzberger stated that the reforms ensured foreign multinationals and investors contributed their fair share to the tax system.

Ryan backed defining real property in law to clarify the foreign resident capital gains tax rules. Ryan said the 2030 expiry for the renewable energy concession was too brief to give real certainty for long-term infrastructure spending. Ryan called for extending the concession to match Australia's decarbonisation goals and the lifespan of clean energy assets. Ryan approved of dropping retrospective clauses but insisted the transition phase needed more work to aid the energy shift.

Boele commended the government for extending the renewable energy capital gains tax discount to 2040 after crossbench pressure. Boele argued that the original four-year window was insufficient for investment cycles and risked disincentivising clean energy projects. Boele moved an amendment to reset the cost base of renewable energy assets at commencement to protect investments made in good faith. Boele also moved an amendment to ensure the concession definition was technology-neutral to include battery storage and grid stabilisation assets, though she noted the government was unlikely to accept these changes.

Scamps supported the bill, particularly the reforms to tax practitioner accountability and competition policy. Scamps welcomed the extension of the renewable energy capital gains tax discount to 2040, noting it provided greater certainty for international investors. Scamps argued that maintaining Australia's attractiveness for foreign capital was essential for delivering affordable and reliable energy. Scamps withdrew her own amendment after the government agreed to the extended transition period, commending the constructive engagement on the issue.