FPA to continue push for TASA changes
The Financial Planning Association (FPA) will push for more realistic standards and reforms under the Tax Advisers Services Act (TASA) in the new year, including tax-deductible initial planning consultations.
Recognising that some of the changes lack relevance for planners, FPA chief executive Mark Rantall said the FPA planned to prioritise pushing for more "workable" standards in 2014.
"We want to make sure the training requirements are relevant to financial planning, because we don't believe all of those requirements are as they stand today," he told a media briefing.
Rantall also signalled the FPA's intention to call for tax-deductible initial advice, given that planners will have to be registered tax agents.
"That's going to be a difficult thing to get given the budgetary constraints, but if financial planners have to be registered tax agents, then, by definition, the advice they give should be tax deductible," he said.
Rantall expressed concerns about the administrative burden of the changes — due to kick in from July next year — on planners, saying the FPA would consider rallying for an extension if members were not prepared.
Recommended for you
A former Northern Territory financial adviser has received a seven-year ban from ASIC, having been convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale.
Both Bain Capital and CC Capital have made revised bids for Insignia Financial after completing a period of due diligence.
The advice industry has reached triple-digit gains for the calendar year to date, with two licensees seeing gains of five during the week.
Targeting market leadership in digital advice, Bravura’s digital solutions are now available to over 6 million superannuation fund members.
