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.
AUTHOR
Mike Taylor
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
Formal education has played a large role in enhancing the advice profession over the last decade but, with the bar now so high, two advisers debate whether it is necessary to complete additional study.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
The Treasury has launched a consultation into how the $47 million special levy for the Compensation Scheme of Last Resort will be funded.
