Ash Ambihaipahar (Barton, Australian Labor Party) Share this | Hansard source

I rise to speak on the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025. This bill introduces a suite of measures that enhance transparency and accountability while also supporting our small businesses. These measures are at the core of the Albanese government's commitment to fairness. No matter whether you're a big multinational company or a mum and dad corner store, you should be upfront about your business and its structures. That's what the Australian public expects, and that's what this reform delivers. Too often, Labor governments are wrongly labelled as antibusiness or anticompetition. We're smashed as being hostile to hardworking Australian taxpayers who are just trying to get ahead, but this bill proves this wrong. The Albanese government is proud to introduce this bill to back small businesses, charities and consumers.

In this speech, I want to focus on four measures that this bill introduces or extends. They are the introduction of the public beneficial ownership register, the extension of the small business instant asset write-off, the new powers given to the Australian Charities and Not-for-profits Commission and the extension of the prohibiting-energy-market-misconduct provisions. Each of these measures stand up for the people who open up their High Street shop each morning, staff their shop counters and pay the wages of local workers. In turn, these measures send a message to the multinational corporations who have the power to move their assets and hide their identities. We're backing family businesses who play by the rules, not the big corporations that bend them. No-one held back, no-one left behind and no-one more equal than others—that's the transparency, fairness and accountability that this bill and this government represent and which I'm proud to detail now.

The bill delivers on the first stage of the government's commitment to implement a public beneficial ownership register. A public beneficial ownership register is a database that is accessible to everyday people. On it, you'll be able to see who actually owns, controls or benefits from big multinational companies who operate here in Australia. If you conduct your business in Australia, then Australians should know who you are. This register is a huge step forward in increasing transparency, and from transparency comes greater fairness for taxpayers. The register will make it harder for multinationals to hide assets in shell companies. It will expose conflicts of interest and shed light on where exactly these businesses are based. All in all, this will crack down on multinational tax avoidance. Australia is not the place for big, powerful, multinational companies to hide. If you don't want to play by the rules, expect consequences.

These reforms also enhance ASIC's enforcement powers. It will be able to issue freezing notices when multinationals fail to comply. It can also issue tracing notices to entities to compel respondents to disclose details. The penalties for failing to disclose have also been increased. Of course, ASIC is also given the flexibility to determine what should be disclosed and how in order to protect the personal information of those people involved. Such flexibility flows from the consultation undertaken by Treasury for this bill. It ensures that individual privacy is not compromised while still retaining strict enforcement mechanisms. These are reforms with teeth. We are not just introducing a register for the sake of it. We want multinationals to be upfront about their structures, their tax and their activities.

What is particularly important is that this information will be accessible to everyone, not just the regulators. Any person will be able to look at this register and understand who controls the big companies that impact their lives. Dodgy operators have nowhere to hide. Everyday Australians and small local businesses have to be transparent come tax time. They spend their time and money crossing their t's and dotting their i's. It's time that billion-dollar companies do the same. This new public ownership register makes sure the same rules apply to everyone.

This bill also delivers the government's commitment to support small businesses by extending the $20,000 instant asset write-off by 12 months until 30 June 2026.

The instant asset write-off is a tax break for small businesses that lets them immediately claim the cost of new equipment or assets rather than spreading the deduction over several years. The threshold applies per asset, which means a small business can claim multiple purchases. To be eligible, the business must have an annual turnover of under $10 million. In Barton, our high streets depend on small operators. We have buzzing local neighbourhoods because small businesses are able to set up shop. This write-off is about continuing to support these businesses and the locals they employ.

With this instant asset write-off, offices might choose to upgrade their computer software, whilst tradies might purchase new tools and machinery. Takeaway shops might improve their point-of-sale systems, while hairdressers might install new signage on their facades. All of these common purchases go a long way to increasing the efficiency and effectiveness of the business. In turn, they can help bring more money through the front door and support their employees. Moreover, small businesses employ other locals to undertake upgrades and refurbishments. They look to local tradespeople, suppliers, service firms and fit-out contractors. The benefit is multiplied as the local community lifts each other up. Furthermore, by claiming the full tax deduction upfront, small businesses are able to reduce their taxable incomes and thus increase their refund. This means that cash stays in their business. This makes all the difference for small businesses operating with very tight margins. I know that the cost of doing business in Sydney is pretty difficult—rents are high, insurance can be expensive, technology is ever evolving. The $20,000 instant asset write-off is just one of the measures that this Albanese government is implementing to address these pressures.

We have also delivered additional energy bill relief for around one million small businesses and delivered two new tax cuts for every taxpayer. These cuts benefit around 1.5 million sole traders. On top of this, we've rolled out cheaper home batteries, so small businesses can slash energy bills for good, and extended unfair trading practice protections to small businesses. Small businesses are the heart of unique and diverse local communities. From along Princess Highway in Rockdale to Railway Parade in Kogarah and the hub around Forest Road in Hurstville, small businesses employ local people, cook incredible food and keep us caffeinated, fix our car, cut our hair and help us do our taxes. They help make Barton what it is. I'm proud to be part of a government aiding these small businesses.

The Australian Charities and Not-for-profits Commission is the national regulator for charities in Australia. It keeps track of which organisations qualify as charities, makes sure they play by the rules and helps the public see where charitable money goes. Clearly, the ACNC is essential for retaining public trust in our charity sector. That's why the Albanese government is making sure that the ACNC can disclose information about new and ongoing investigations where the disclosure would prevent or minimise the risk of significant harm. Previously, the ACNC could not publicly disclose whether it was conducting an investigation. In 2018, the ACNC review called out the secrecy provisions as being overly restrictive, as they meant that the public or donors may not know whether the allegations or concerns about a charity were being addressed.

Before entering parliament, I worked in the charity sector, and I still make sure to volunteer with local not-for-profit organisations. I hate that there are bad faith actors that take advantage of the title 'charity'. It's a blight on the sector. It's an insult of the worst kind to the good people working every single day for the benefit of others. The fact that these bad faith actors would take advantage of the most vulnerable in our community is disappointing. When a charity rorts the system, everyone loses, including donors, volunteers and the people who need help most.

These reforms protect our sector and punish those who seek to take advantage of it. Specifically, these reforms will allow the ACNC to assure charities and donors that it is acting on issues of public concern. It will now be able to disclose information about ongoing or newly commenced investigations. Of course, however, significant safeguards will apply to these disclosures, including a public harm test, which will balance transparency with risk to charity reputation, due process and confidentiality.

Taken as a whole, these reforms will assure donors and charities alike that we have confidence in our sector. In turn, this will contribute to the government's commitment of doubling philanthropic giving by 2030. This is about protecting those who give back and ensuring that the good in our community isn't undermined by the few who exploit it.

Finally, this bill extends the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Act provisions until 1 January 2031. This will allow the ACCC to continue to investigate and address misconduct by retailers and generators in the electricity markets. Like much of this bill, this goes to increasing transparency and accountability in the sector. Such an extension comes off the back of an independent review which found these were effective in constraining market misconduct and protecting households and businesses. When speaking about the application of these compliance powers, ACCC Chair Gina Cass-Gottlieb said:

With electricity prices increasing, and many Australians looking for a better deal, it's crucial that the information people receive from their energy company is correct and can be relied upon.

Indeed, without these checks and balances, households are beholden to the claims made by these providers and left in the dark. The extension of these powers means that the ACCC can continue to stamp out false and misleading claims. That way, Australians can continue to make informed financial decisions about their energy bills whilst balancing their household budgets.

This particular bill upholds the Albanese government's commitment to transparency and accountability. It sheds a light on the constitution and personnel of big multinational companies whilst also enabling small businesses to get ahead, because backing hardworking regular people whilst holding power to account has always been a part of Labor's agenda. As much as those on the other side would like to claim that we are an enemy of small business, these reforms prove this is not true.

At the same time, this bill backs in our charity sector. It does so by giving the ACNC the power to disclose information about its investigations. Such reform will give donors and the public the confidence to donate generously and volunteer their time to trustworthy organisations. Moreover, it will assure those who have made complaints about organisations. All in all, it means that bad-faith actors that undermine the reputation of our charity sector will be exposed, whilst the rest of the sector benefits from greater confidence and security.

Finally, the bill extends the powers of the ACCC in the energy market so it can continue to address misconduct by retailers and generators, because a fair, transparent economy isn't just good policy; it's who we are as Australians. We believe in a fair go. We believe in doing the right thing, and this bill helps make sure everyone else does too.

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