The Financial Planning Association (FPA) has called for a further extension of the application of the Tax Agent Services Act (TASA) until after the Federal election.
FPA chief executive Mark Rantall has told Money Management he believes a further delay in the implementation of the TASA legislation would be sensible given the transitional issues involved and the fact that only a very narrow window of opportunity exists to have the act passed by the Parliament before the election.
He said the FPA would continue to lobby not only for a delay to the implementation of the legislation, but for a “carve-out” to be applied to financial planners.
Rantall said that given the competencies already required of financial planners, he believed the imposition of the mechanism of the Tax Practitioners Board would only add to the confusion.
He said that in all the circumstances, extending the implementation period for the legislation until the post-election period represented a sensible accommodation and one which his organisation would be continuing to pursue.
