Amended TASA Bill passes House of Reps
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."
ASIC concedes Hayne error on personal advice
The corporate regulator has told a government committee that intra-fund advice i...
PIMCO to bring listed investment trust to Australia
Investment manager PIMCO will bring its first closed-end listed investment trust...
ANZ not ruling out a complete advice exit
The major bank’s CEO Shayne Elliott has explained why, for now, he is keeping ...