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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Aug 2018Faith in adviser ethics fallsBy Reporter
- 15 Aug 2018CFS required no proof for service fees, RC hearsBy Killian Plastow
- 15 Aug 2018AFA reveals Female Excellence in Advice finalistsBy Reporter
- 15 Aug 2018CFS ‘retained’ adviser commissions: RCBy Killian Plastow and Tim Stewart
- 15 Aug 2018Suncorp urged advisers to maintain commissionsBy Jessica Yun
- 15 Aug 2018Hostplus spent $260,000 on tennis ticketsBy Tim Stewart
- view all