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.
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