AFIA submission to Treasury's consultation on CGT reforms – arrangements for innovative start-ups

10 July 2026, AFIA's submission responds to the proposed Innovative Business CGT Concession (IBCC) alongside the Government's broader capital gains tax reforms, arguing that innovative start-ups, scale-ups and SMEs rely on both equity and debt finance throughout their growth lifecycle. The submission highlights that non-bank and specialist lenders fund much of this debt finance through warehouse facilities, securitisation and structured products, and sets out how the broader CGT changes could affect tranche pricing, investor allocation, structural efficiency and warehouse funding economics. AFIA recommends that Treasury preserve current tax treatment for qualifying securitisation and structured finance vehicles, undertake a market impact assessment across both equity and debt finance channels before finalising policy, and ensure non-bank and specialist lenders are included in further consultation.

 View the submission here.