It’s all in the memo . . . er, what memo?
Whilethe financial services industry has been pulling its collective hair out over the issues surrounding the alienation of personal services income (APSI), it appears one organisation has been kept in the dark.
Last week, the nation’s bean counters, the Australian Taxation Office (ATO) faxed out a media release requesting editors to run some copy explaining the ‘new’ tax laws enshrined within APSI. Sounding at all familiar?
Well, for all those financial services professionals out there that haven’t been living under a very large rock, it would.
However, despite the lack of knowledge the ATO appears to have about its own actions and their impact on the financial services industry, there is no need to rub their noses in it further.
Someone has either simply forgotten to pass on the memo that APSI has been around for quite a while or their fax machine works as speedily as their refunds processes.
Now we know why it took the Financial Planning Association (FPA) and others more than 12 months to get planners exempted from the legislation.
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