Assistant Treasurer, Minister Assisting for Financial Services & Superannuation and Minister for Competition Policy & Consumer Affairs
5 March 2012 - 18 September 2013
Exemption for financial advisers providing tax advice extended
Financial advisers will be granted an extension to their exemption from the taxation agent services regime until 30 June 2013, said Assistant Treasurer David Bradbury.
This decision will extend for one year the current exemption, which expires on 30 June 2012 and will allow for a smooth transition to the new regulatory regime, which will bring taxation advice provided in the context of financial product advice within the scope of the Tax Agent Services Act 2009.
The decision to grant an extension followed consultation with representatives from the financial planning, tax and accounting bodies, the Tax Practitioners Board and the Australian Securities and Investments Commission.
"This will allow for the details of the regulatory model to be settled and ensure resolution of implementation issues associated with bringing financial advice under the scope of the tax agent services regime," said Mr Bradbury.
"The new regulatory arrangements will focus on the principles of consumer protection and the delivery of quality taxation advice by financial advisers who offer this as part of their financial product advice services."
The Government will consult further on these changes and ensure the required legislation is introduced before the changes will take effect on 1 July 2013.
30 April 2012