The Association of Financial Advisers (AFA) has reacted strongly to the decision of a parliamentary committee to not hold an inquiry into the Bill proposing amendments to the Tax Agent Services Act.
The [AFA] is deeply concerned over the proposed extension of the [TASA] to cover financial advisers,” said an AFA statement.
“This legislation, as part of the Tax Laws Amendment (2013 Measures No.2) Bill 2013 (the Bill) package, has been brought forward without due process or adequate consultation.”
“We are deeply concerned to discover that this legislation will not be subject to parliamentary review.”
The Financial Planning Association also voiced its regret, with FPA general manager, policy and standards, Dante De Gori tweeting that the decision to not hold an inquiry is “very disappointing & shows a lack of consideration of the true impacts this legislation will present”.
The comments follow the news, reported by ifa on Friday, that Labor members of the House standing committee on economics voted against a motion, brought by Coalition MPs, to hold an inquiry into the Bill and its impacts.
The Bill will now return to the lower house for a full parliamentary vote.
A licensee has been sentenced after it failed to lodge financial reports for three straight years. The Australian ...
Op-ed Jones’ contradictory actions, from his unpolished media demeanour to his cautionary warnings to advisers, raise ...
On the first day of its 2024 roadshow series, the FAAA released its draft policy platform for member consultation
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin