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

Dr MULINO (Fraser—Assistant Treasurer and Minister for Financial Services) (12:41): I present a supplementary explanatory memorandum to the bill, and I move the government amendment as circulated: (1) Schedule 3, item 1, page 43 (line 25), omit "1 July 2030", substitute "1 July 2040". This amendment extends the 50 per cent discount to eligible foreign resident disposals of renewable energy assets until 30 June 2040, acknowledging that renewable infrastructure assets can have a long construction and development phase.

This reflects the importance of foreign investment for Australia's net zero transition while ensuring the tax treatment of these assets aligns with the treatment of other assets in the longer term. I'd like to thank the members for Warringah, Curtin and Kooyong; senators in the other place; and also the Greens political party for their constructive discussion on this schedule.

I'd also like to thank the member for Mackellar for an amendment circulated which also called for an extension to 2040, and I thank her for withdrawing her amendment to enable the government's amendment and the supplementary explanatory memorandum. The 2040 timeline in this amendment, which has been advocated for by those members that I just referenced, balances this policy objective to ensure fairness in the tax system with still supporting continued foreign investment into renewables.

The government also continues to support investment into the renewables industry through other measures, such as the Capacity Investment Scheme, and through the Clean Energy Finance Corporation. Question agreed to. Bill, as amended, agreed to.