Govt caves in to Coalition on TASA
The Federal Opposition is claiming victory on the Tax Agents Services Act, with Shadow Assistant Treasurer, Senator Mathias Cormann, saying the Government has conceded to all of the Coalition’s demands on the legislation such that it will now support its passage through the Parliament.
The Government’s concessions have been confirmed in a letter to Cormann from the Assistant Treasurer, David Bradbury with key amongst them being a further 12 month extension of the exemption for financial planners.
The legislation is now expected to pass both houses before Parliament rises at the end of next week.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
