A bill to lock an additional one-year extension for advisers to comply with FASEA exam and education requirements has failed to pass during the February sitting of Parliament, but the delays should not be a cause for adviser concern, according to the AFA.
The Treasury Laws Amendment (2019 Measures No 3) Bill 2019, which has already passed the House of Representatives, was listed on the latest Senate notice paper but was not brought forward for a vote before the Senate rose on Thursday, marking the last time the upper house will sit again until 23 March.
While the delays mean advisers will have to wait another month for certainty on the extension, AFA chief executive Philip Kewin told ifa that advisers could carry on with their planning for the year on the basis that it would be passed.
“The bill has not reached the top of the list for the Senate at this stage due to other bills presumably taking longer than expected. At this stage we have no reason to believe the delay is anything but this,” Mr Kewin said.
“I am confident that advisers can continue with certainty of the expectation that the bill will eventually pass.”
A spokesperson for the FPA made similar comments that the association “understands there are more pressing matters that the Senate is looking at”.
At the SMSF Association National Conference 2020 on the Gold Coast earlier this month, Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume sought to reassure the industry that she did not foresee any issues with the passage of the extension through Parliament.
“Last week I was very pleased to see the House of Representatives pass legislation to give existing advisers more time to meet the new exam and educational requirements,” Ms Hume said at the time.
“It soon goes to the Senate, where I am very confident that it will be passed unopposed.”
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