FPA writes to Govt on TASA extension
The Financial Planning Association (FPA) has made another appeal for the Government to extend the implementation of its tax practitioner licensing arrangements, following inclusion of specific funding in the Federal Budget.
FPA chief executive Mark Rantall said his organisation had written to the Assistant Treasurer, David Bradbury, requesting a further extension of the implementation arrangements around the Tax Agents Services Act (TASA) in circumstances where the Budget had provided extra funding to the Tax Practitioners Board to assist with the licensing of financial planners.
"We feel there has not been enough time to sort through the details of registration and competency requirements," he said. "We are concerned that forcing the legislation through with implementation from the 1 July will lead to confusion and drafting errors, particularly with the industry still trying to come to grips with the implementation of Future of Financial Advice."
Rantall said the FPA believed the delay was necessary to allow the industry to put in place appropriate requirements and transitions.
AUTHOR
Mike Taylor
Recommended for you
As YTD financial adviser growth approaches parity with 2023, Wealth Data’s Colin Williams is optimistic that adviser losses will be less severe than 2024 due to increasing steadiness in the profession.
Employers should not panic if remuneration budgets are too stretched to offer salary bumps, according to two recruiters, as staff say they are also attracted to a greater work-life balance when accepting a promotion.
AZ NGA subsidiary Nestworth, which recently acquired the financial advice business of Australian Unity, has appointed a former senior Insignia executive as CEO.
ASIC has flagged the 2022 case of RI Advice as an example of the need for cybersecurity measures within a financial services firm as chair Joe Longo warns a cyber attack "is almost inevitable".
