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
- 22 Jun 2018AMP chair urges RC to not to restrict business modelsBy Reporter
- 22 Jun 2018David Murray takes reins as AMP chairmanBy Reporter
- 22 Jun 2018Fitzpatricks announces new licensee bossBy Aleks Vickovich
- 21 Jun 2018AFSL regime stifling client-centric advice: FPABy Killian Plastow
- 21 Jun 2018Henderson Maxwell to merge with AZ NGA firmBy Aleks Vickovich
- 21 Jun 2018Aon caught lying about Dover licensing offerBy Aleks Vickovich
- view all