Further guidance needed on TASA requirements: AFA

financial-advisers/AFA/financial-planning/association-of-financial-advisers/treasury/FPA/chief-executive/

27 June 2014
| By Staff |
image
image
expand image

Draft proposals to waive the tax and commercial law course requirements for registration under the Tax Agent Services Act (TASA) are being welcomed by the Association of Financial Advisers (AFA).  

However, AFA chief operations officer, Phil Anderson, believes further guidance was still required, with recent changes to taxation, anti-money laundering and financial services laws coming into effect on 1 July. 

“We will be making a submission in response to this draft regulation,” he said.  “However, we are pleased to see the option available to members of a professional association.” 

Anderson said the AFA will be seeking accreditation as a recognised professional association for tax (financial) advisers to ensure that qualifying members can access this option. 

“The AFA has been actively involved in the consultation on TASA and we will continue to represent our members in this process,” he said. 

Financial Planning Association (FPA) chief executive Mark Rantall has previously said the draft regulations were “heading in the right direction” and “acknowledge the existing professional standards, experience and higher education levels of members of the FPA”, as reported by Money Management. 

Rantall said the position taken by Treasury confirmed the value of being a member of a professional association and the benefits of higher education and professional standards in financial planning. 

Treasury will receive submissions on the draft regulations during a consultation period which is set to close on 9 July . 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS