Advisers have been granted a 12-month extension with the passing of the Tax Agent Services Act (TASA). After months of lobbying and extensive political debate the senate has passed the bill enshrining the new TASA regime and will see financial advisers who provide tax advice obliged to register with the Tax Practitioners Board.
Advisers will be given a 12 month implementation extension, following amendments moved by assistant treasurer David Bradbury. The extension was in response to industry and opposition pressure including several senators. Mathias Cormann Shadow minister for financial services and independent Nick Xenophon South Australian senator have both spoken about the lack of due parliamentary process on the Bill. John Brogden chief executive Financial Services Council estimates that the changes to the law will cost the financial advice industry $1 billion in compliance costs.