The newly-elected Coalition Government should pull forward implementation of both the TASA legislation and the accountants' limited licensing arrangements, according to national accounting and wealth advisory firm Chan & Naylor.
The company has called for the pulling forward of the two moves to take account of the increasing popularity of self-managed superannuation funds (SMSFs) and what it describes as a cyclical upturn in the property market.
The company noted that the Tax Laws Amendment Bill (TASA), which is administered by the Tax Practitioner's Board (TPB), will require tax (financial) advice service providers to register and meet certain competencies set by the TPB.
However it said that when the bill comes into effect on 1 July 2014 there will be a three-year transition window, meaning that any service provider can operate outside of compliance guidelines until 2017.
The company also noted that the new limited licensing arrangements for accounts will not come into effect until 1 July, 2016.
Commenting on the company's approach, Chan & Naylor partner Wealth Planning, David Hasib said that while it applauded the new Government's business-friendly position, "being ‘open for business' should not mean open slather for opportunists who would sully the industry and cause potential harm due to an absence of vital regulations".
"I would urge the TPB and ASIC [the Australian Securities and Investments Commission] to consider fast-tracking their respective guidelines," he said.
