ATO to commence IFA sector consultation

A committee of non-bank financial advice sector stakeholders will conduct regular meetings with members of the ATO’s executive team throughout 2018 to discuss how the regulator engages advisers and works with the industry.

The committee, which will be led by the AIOFP, will consist of a number of the association’s SMSF-specialist advisers as well as representatives from the National Tax and Accountants’ Association (NTAA), with meetings slated to commence early next year.

The group will be chaired by Pinn Deavin and AIOFP director and NTAA member Michael Pinn, and will include NTAA member Michael Gilmour, Interprac head of compliance Michael Butler, and Shartru chief executive Rob Coyte.

AIOFP executive director Peter Johnston said the meetings will be a strong opportunity to engage and provide feedback to the ATO, which also oversees the Tax Practitioners Board. 

"ATO assistant commissioner Kasey McFarlane has welcomed the initiative to develop a dialogue with the advisory fraternity at our recent conference on Hamilton Island," Mr Johnston told stakeholders in an email seen by ifa. 

"We have also taken the opportunity to include our politically aligned association associate the NTAA to join us on the panel in both brand and presence. The AIOFP and NTAA share members and a similar industry vision."

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A representative for the ATO would not comment on the specifics of the meetings, but confirmed the regulator would be meeting with the AIOFP and NTAA representatives as part of its stakeholder engagement plan.

“We look forward to continuing to work with industry groups and other stakeholders on issues of importance to self-managed superannuation trustees and beneficiaries,” the spokesperson said.

ATO to commence IFA sector consultation
ATO, Australian Taxation Office, AIOFP, Association of Independent Financial Professionals, NTAA, Antional Tax and Accountants association, Peter Johnston, Rob Coyte, Michael Gilmour,
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