FPA writes to Govt on TASA extension
The Financial Planning Association (FPA) has made another appeal for the Government to extend the implementation of its tax practitioner licensing arrangements, following inclusion of specific funding in the Federal Budget.
FPA chief executive Mark Rantall said his organisation had written to the Assistant Treasurer, David Bradbury, requesting a further extension of the implementation arrangements around the Tax Agents Services Act (TASA) in circumstances where the Budget had provided extra funding to the Tax Practitioners Board to assist with the licensing of financial planners.
"We feel there has not been enough time to sort through the details of registration and competency requirements," he said. "We are concerned that forcing the legislation through with implementation from the 1 July will lead to confusion and drafting errors, particularly with the industry still trying to come to grips with the implementation of Future of Financial Advice."
Rantall said the FPA believed the delay was necessary to allow the industry to put in place appropriate requirements and transitions.
AUTHOR
Mike Taylor
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
