AFA Welcomes TASA Reprieve

Brad Fox

Brad Fox

The Association of Financial Advisers (AFA) notes the introduction of legislation relating to the Tax Agent Services Act (TASA) and welcomes greater certainty on the matter for advisers.

“We are pleased that common sense has prevailed and acknowledge the support of the Coalition and the Independents, as well as the Financial Services Council (FSC) and the Financial Planning Association (FPA) in collectively lobbying on the issue,” said AFA CEO Brad Fox.

In particular, the AFA welcomes the extension of the current exemption for financial advisers from TASA until 30 June 2014.

“The delay in implementation is essential given the regulatory overload the industry is already dealing with,” Mr Fox said. “It would have been an unfair and unreasonable expectation and an all but impossible rush for advisers to be ready for TASA by 1 July 2013.”

Mr Fox also welcomed more clarity around the definition of tax (financial) advice services, its interaction with the current Tax Agent Services regime and the definition of ‘tax agent services’.

“Getting the definitions right by way of regulation will give all interested parties an appropriate opportunity to make the legislation work in practice,” Mr Fox said. “The AFA looks forward to working with Treasury and the Tax Practitioners Board on this next vital step.”

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