This decision will extend for one year the current exemption, which expires on 30 June 2012 and will allow for a smooth transition to the new regulatory regime, which will bring taxation advice provided in the context of financial product advice within the scope of the Tax Agent Services Act 2009.

The decision to grant an extension followed consultation with representatives from the financial planning, tax and accounting bodies, the Tax Practitioners Board and the Australian Securities and Investments Commission.

Dante DeGori, General Manager Policy and Government Relations at the FPA said:

“The FPA welcomes today’s announcement from the Assistant Treasurer. We believe this extension is a sensible approach that will allow for the government to have all details in place before financial planners are expected to transition to the tax agent services regime.”

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