An amended version of Tax Agent Services Act (TASA) legislation, featuring a 12 month implementation extension for financial advisers, has passed the House of Representatives.
The Bill was fully considered by the Federation Chamber and then sent back to the lower house where it was read a third time and passed.
The Bill’s passage follows the introduction of amendments by assistant treasurer David Bradbury this morning, which saw a 12-month extension granted to financial planners in complying with the laws.
Shadow minister for financial services Senator Mathias Cormann welcomed the passage of the changed TASA Bill, claiming it shows the government has acquiesced to the Coalition's demands.
"That is despite their initial attempt to ram this legislation through the House of Representatives without even a parliamentary committee inquiry," he told ifa.
"A competent government would have seen the sense in our proposals straight away – but as they say, better late than never."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Mar 2018ASIC defends enforcement decisionsBy Killian Plastow
- 20 Mar 2018O’Dwyer stands firm on educationBy Killian Plastow and Aleks Vickovich
- 20 Mar 2018Zurich opts to keep OnePath brandBy Staff Reporter
- 20 Mar 2018FASEA opens consultation on education pathwaysBy Staff Reporter
- 19 Mar 2018Partnership launches as ‘alternative to self-licensing’By Aleks Vickovich
- 19 Mar 2018ANZ to suspend asset finance lendingBy Staff Reporter
- view all