Dissenting report expected on TASA

The financial planning industry is not expecting a bipartisan report from the Parliamentary Joint Committee (PJC) reviewing the Tax Agents Services Act (TASA) legislation, with Opposition parliamentarians expected to generate a dissenting report. 

After conducting hearings and reviewing submissions from the major planning and accounting bodies over the past three days, the PJC is expected to table its report in the Parliament on Monday, with the major planning organisations hoping that the Government’s report reflects at least some of the arguments made by the planning sector. 

In particular, the Financial Planning Association, the Association of Financial Advisers (AFA) and the Financial Services Council are hopeful that the recommendations signed off by Government members of the committee will endorse an extended implementation period. 

AFA chief operating officer Phil Anderson said he was hopeful the committee members had listened to the arguments being made by planning groups and understood the difficulties which would attach to trying to implement the legislation from 1 July, this year. 

The major accounting groups have opposed any extension of the TASA implementation for financial planners, arguing that it would be counter to consumer interests.