What this Act covers
The Treasury Laws Amendment (Strengthening Accountability for Tax Adviser Misconduct and Other Measures) Act 2026 (No. 86, 2026) received royal assent and came into force on 15 September 2026. The Act makes changes across several areas of tax and competition law.
Tax Practitioners Board - new suspension powers and penalties
The Act gives the Tax Practitioners Board new powers to suspend tax agent registrations. It also introduces new civil penalties and criminal offences for tax adviser misconduct, and increases existing civil penalty amounts under the Tax Agent Services Act 2009.
The source summary notes that bookkeepers and BAS agents registered with the Tax Practitioners Board should pay particular attention to the new suspension powers and increased penalties.
Foreign resident capital gains tax
The Act tightens the rules around foreign resident capital gains tax. Schedules 2 and 3 of the Act address these strengthened foreign resident CGT rules, including transitional arrangements for renewable energy assets.
Merger notification framework
The Act adjusts the merger notification framework under the Competition and Consumer Act 2010. Schedule 4 of the Act contains the relevant changes to merger notification rules.
Key actions
- Registered tax agents, BAS agents, and tax financial advisers: Review the new Board suspension powers and updated civil penalty amounts under the Tax Agent Services Act 2009. The full Act is available at https://www.legislation.gov.au/C2026A00086.
- Businesses involved in mergers or acquisitions: Check whether the changes to merger notification rules under Schedule 4 of the Act affect obligations under the Competition and Consumer Act 2010.
- Businesses dealing with foreign residents selling Australian assets: Review the strengthened foreign resident CGT rules in Schedules 2 and 3, including transitional arrangements for renewable energy assets.
- Staying informed: Subscribe to updates on the Federal Register of Legislation at https://www.legislation.gov.au/C2026A00086 to be notified of any further amendments or related instruments.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.