15 February 2011
The Australian Treasury has announced that it has met with finance industry groups, ASIC and the Tax Practitioners Board to discuss the regulation of financial planners who provide tax agent services.
In a move announced in November last year, the ongoing consultation is intended to establish a set of principles that would underpin the development of new regulatory arrangements. The end objective is to implement a model whereby consumer protection is a key consideration and that financial planners are competent to provide tax services and quality advice.
ASIC, the Australian Securities and Investments Commission would be the key agency interacting with financial planners and consumers as to how tax services are provided as part of financial planning services to minimise red tap and duplication, supported by the Tax Practitioners Board who will provide expertise on tax and finance.
Draft legislation is intended to be released for public consultation in the near future.
Follow Bates Cosgrave News on Twitter @batescosgraveCA
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.