
Accounting industry bodies have criticised the financial advice sector for attempting to “walk away” from the Tax Agent Services Act amendments at “the eleventh hour”, as planning industry lobbyists push for a vote postponement.
Institute of Public Accountants (IPA)chief executive Andrew Conway said all tax advisers should operate under the same professional and ethical standards.
The comments follow intense lobbying by advice industry stakeholders. Financial Planning Association general manager, policy and standards, Dante De Gori, was in Canberra earlier this week to lobby MPs for excise of the TASA-relevant parts of the Tax Laws Amendment (2013 Measures No. 2) Bill 2013, which would see financial advisers who provide tax advice register with the Tax Practitioners Board from July.
Earlier this week, Association of Financial Advisers chief executive Brad Fox described the proposed regulation as “rushed and flawed”, arguing that the consultation with industry has not been sufficient – a charge seconded by Coalition MP Steven Ciobo, who tabled a report in parliament which said the lack of sufficient consultation process and timeframe on the government’s TASA agenda was “arrogant”.
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