After a hard-fought battle, the AFA, FPA and FSC have all welcomed the passing of the Tax Agents Services Act, including a 12-month extension for planners.
The associations are also celebrating greater clarification around the definition of tax (financial) advice services. The Bill states that “a tax (financial) advice service consists of two elements — that of providing a tax agent service, and providing that service in the course of giving advice that is of a kind usually given by a financial services licensee or a representative.”
AFA CEO Brad Fox says the definition is vital in making sure the legislation works in practice.
“We are pleased that common sense has prevailed and acknowledge the support of the Coalition and the Independents, as well as the Financial Services Council (FSC) and the Financial Planning Association (FPA) in collectively lobbying on the issue,” said Fox.
John Brogden, CEO of the FSC thanked the Assistant Treasurer, David Bradbury and Shadow Assistant Treasurer, Mathias Cormann, who he said “have been instrumental in a pragmatic outcome for TASA”.
“We now have time to work with the industry to develop training and education programs for advisers to meet the TASA competency requirements and to make the necessary administration changes to comply with the new law,” said Brogden.
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