Bill
Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025
passed, as at 2025-12-04. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2025-09-04
- second reading — 2025-09-04
- second reading — 2025-10-07
- second reading — 2025-10-08
- second reading — 2025-10-08
- committee — 2025-10-08
- third reading — 2025-10-08
- introduced — 2025-10-27
- second reading — 2025-10-27
- second reading — 2025-11-27
- third reading — 2025-11-27
- passed — 2025-11-27
- royal assent — 2025-12-04
Divisions
- The majority voted against a [second reading amendment](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr7367_amend_410231f9-d519-4b3b-9918-b630394a4a9e%22;rec=0) introduced by Mackellar MP [Sophie Scamps] (Independent), which means it failed. The amendment would have changed the words of the usual second reading motion, which is "*that the bill be read a second time*" (parliamentary jargon for agreeing with the main idea of the bill). ### Amendment text > *That all words after “House” be omitted with a view to substituting the following words:* > > *(1) notes that the bill continues the practice of legislating the instant asset write-off measure annually, which creates uncertainty and discourages investment at a time when many small businesses are already struggling; and* > > *(2) calls on the Government to do more to support small businesses, including:* > >> *(a) making the instant asset write-off permanent; and* >> >> *(b) adopting a $20,000 tax-free threshold for small business operators with annual turnover of less than $10 million, as proposed by the member for Mackellar”.* — 2025-10-08, House of Representatives: negative, ayes 8, noes 79
- The majority voted against a [second reading amendment](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr7367_amend_e58277ba-36e4-4fbd-91bf-82583c9c8c60%22;rec=0) introduced by Fairfax MP [Ted O'Brien](https://theyvoteforyou.org.au/people/representatives/fairfax/ted_o'brien) (Liberal), which means it failed. The amendment would have changed the words of the usual second reading motion, which is "*that the bill be read a second time*" (parliamentary jargon for agreeing with the main idea of the bill). ### Amendment text > *That all words after “That” be omitted with a view to substituting the following words:* > > *“whilst not declining to give the bill a second reading, the House notes that:* > >> *(1) the bill seeks to extend two successful Coalition policies;* >> >> *(2) the Government’s policies have seen energy prices increase by $1,300 more than promised and is now extending Coalition policy to ensure energy prices don’t increase even further;* >> >> *(3) the Government has only reluctantly decided to support business by extending the Instant Asset Write-Off under pressure from the Coalition ahead of the last election;* >> >> *(4) this Bill seeks to provide less frequent assessments of ASIC and APRA;* >> >> *(5) thousands of Australians have lost over $1 billion in superannuation due to alleged misconduct by First Guardian and Shield;* >> >> *(6) ASIC has been accused of major failures in responding to this crisis which the Government has been silent about;* >> >> *(7) the Government must explain to the thousands of victims why it is seeking to reduce accountability and transparency for ASIC at this time; and* >> >> *(8) this bill seeks to clean up a range of the Government’s mistakes including the application of GST to disability services.* — 2025-10-08, House of Representatives: negative, ayes 40, noes 90
- The majority voted against [amendments](https://www.openaustralia.org.au/debate/?id=2025-10-08.133.2) introduced by Warringah MP [Zali Steggall](https://theyvoteforyou.org.au/people/representatives/warringah/zali_steggall) (Independent), which means they failed. ### Amendment text > *(2) Schedule 7, page 132 (line 1) to page 132 (line 13), omit the Schedule, substitute:* > > *Schedule 7 — instant asset write-off for small business entities* > > *Income Tax (Transitional Provisions) Act 1997* > > *1 Section 328-180 (heading)* > >> *Omit "to 30 June 2025".* > > *2 Subsection 328-180(1) (definition of increased access year )* > >> *Repeal the definition, substitute:* >> >>> *increased access year: an income year is an increased access year if any day of the year occurs on or after 12 May 2015.* > > *3 Subsection 328-180(4)* > >> *Omit "Temporary increase", substitute "Increase".* > > *4 Paragraph 328-180(4)(d)* > >> *Omit "$20,000", substitute "50,000".* > > *5 Paragraph 328-180(4)(d)* > >> *Omit "and on or before 30 June 2025" (wherever occurring).* > > *6 Paragraph 328-180(5)(e)* > >> *Repeal the paragraph, substitute:* >> >>> *(e) were a reference to $50,000, if the amount is so included at any time on or after 1 July 2023.* > > *7 Paragraph 328-180(6)(e)* > >> *Repeal the paragraph, substitute:* >> >>> *(e) were a reference to $50,000, in relation to a deduction for an income year that ends on or after 1 July 2023.* — 2025-10-08, House of Representatives: negative, ayes 9, noes 64
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2025-09-04.
This bill would require companies listed on Australian financial markets to disclose who ultimately owns, controls, and receives profits from them.
It would strengthen the existing substantial holding and tracing notice regimes under the Corporations Act and expand ASIC's enforcement powers.
The changes would start 12 months after the bill receives royal assent.
- Enhances beneficial ownership disclosure obligations for listed entities.
- Broadens ASIC's regulatory enforcement powers regarding disclosure obligations.
- Improves corporate transparency to show ultimate owners, controllers, and profit recipients.
Entities listed on Australia's financial markets and the Australian Securities and Investments Commission (ASIC).
Sources
em
billhome
frl act