CANBERRA, ACT, Sept. 10 -- The Treasurer of Australia issued the following media release:

The Albanese Labor Government's legislation to protect taxpayers and ensure foreign residents pay a fair share of tax has passed the Parliament.

This will bring the Capital Gains Tax (CGT) treatment of foreign residents more into line with the treatment of Australians and ensure they pay tax on Australian real property.

The legislation also strengthens the tax system by putting in place stronger penalties for misconduct, providing certainty and clarity for investors as well as support for renewable energy, improving the new merger system, and supporting charitable giving by expanding deductible gift recipient status and reforming giving funds.

The Treasury Laws Amendment (Strengthening Accountability for Tax Adviser Misconduct and other Measures) Bill 2026 addresses issues raised by the PwC tax leaks scandal, and recommendations from an earlier review of the Tax Practitioners Board (TPB), through amendments to the Tax Agent Services Act.

This includes a stronger sanctions framework including criminal penalties for unregistered tax preparers, new civil penalties for breaches of the Code of Professional Conduct, and increased penalty amounts, as well as new powers for the Tax Practitioners Board.

These reforms continue the Government's efforts to strengthen the integrity of the tax system, alongside ongoing consideration of reforms to the regulation of accounting, auditing and consulting firms in Australia.

The changes to the foreign resident CGT regime bring Australia's tax laws into closer alignment with the OECD Model Rules for the taxation of foreign residents and ensure foreign residents pay tax on assets including for infrastructure and other assets closely connected to Australian land.

The legislation also provides a time‑limited, targeted concession for investments in clean energy.

This is about strengthening the tax system overall, delivering more, cleaner energy and more certainty for investors.

The successful passage of this legislation is part of this Government's ambitious reform agenda to deliver a fairer, more sustainable tax system, boost productivity and resilience and make the budget more sustainable.

Disclaimer: Curated by HT Syndication.