Further guidance needed on TASA requirements: AFA
Draft proposals to waive the tax and commercial law course requirements for registration under the Tax Agent Services Act (TASA) are being welcomed by the Association of Financial Advisers (AFA).
However, AFA chief operations officer, Phil Anderson, believes further guidance was still required, with recent changes to taxation, anti-money laundering and financial services laws coming into effect on 1 July.
“We will be making a submission in response to this draft regulation,” he said. “However, we are pleased to see the option available to members of a professional association.”
Anderson said the AFA will be seeking accreditation as a recognised professional association for tax (financial) advisers to ensure that qualifying members can access this option.
“The AFA has been actively involved in the consultation on TASA and we will continue to represent our members in this process,” he said.
Financial Planning Association (FPA) chief executive Mark Rantall has previously said the draft regulations were “heading in the right direction” and “acknowledge the existing professional standards, experience and higher education levels of members of the FPA”, as reported by Money Management.
Rantall said the position taken by Treasury confirmed the value of being a member of a professional association and the benefits of higher education and professional standards in financial planning.
Treasury will receive submissions on the draft regulations during a consultation period which is set to close on 9 July .
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