New TASA regime becomes law
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.
Dover found guilty by Federal Court
Dover Financial and its director Terry McMaster has been found guilty by the Fed...
Melbourne adviser cops six-year ban
ASIC has banned financial adviser Jihad Soleiman, of Wollert, Victoria from prov...
IOOF yet to pay remediation
IOOF chief Renato Mota has admitted the wealth giant has not yet commenced payin...