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.
Tax advice should be left to tax agents if you want to give tax advice become a tax agent
As an advisor you cannot be everything to everyone. just like advising a client to do a will you refer them to a lawyer same as tax advice yo refer them to accountant. Fin. Advisor qualifications are joke, compared to law & accounting. If fin advisor want to be an equal raise the bar on both get proper qualifications to start & then get the experience to back it up.