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TASA amendments 'rushed and flawed': AFA

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.