After months of industry lobbying and political to-and-fro, the Bill amending the Tax Agent Services Act has passed through the Senate, enshrining the new regime in law along with a 12-month extension for advisers.
The Bill will see financial advisers who provide tax advice ultimately be compelled to register with the Tax Practitioners Board, though these advisers will be given a 12 month implementation extension, following amendments moved by assistant treasurer David Bradbury last week in response to industry and opposition pressure.
Several senators including shadow minister for financial services Mathias Cormann and independent South Australian senator Nick Xenophon rose to speak about the lack of due parliamentary process on the Bill.
Financial Services Council chief executive John Brogden estimates that the changes will cost the financial advice industry $1 billion in compliance costs.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all