Financial planners who give tax advice in the course of advising on financial products are set to fall within the regulatory regime of the Tax Practitioners Board.
The Government has released an exposure draft entitled ‘Creating a regulatory framework for tax advice (financial product) services', inviting submissions from the relevant industry participants.
"This ensures the consistent regulation of all forms of tax advice irrespective of whether it is provided by a tax agent, BAS agent or an entity in the financial services industry," according to the exposure draft.
The proposed bill will amend the Tax Agent Services Act 2009.
The closing date for submissions is 8 March, 2013.
