The Assistant Treasurer Mon 30.4.2012, announced that financial advisers will be granted a 1-year extension to their current exemption from the taxation agent services regime until 30 June 2013. This decision is intended to allow for a smooth transition to the new regulatory regime, which will bring taxation advice provided in the context of financial product advice within the scope of the Tax Agent Services Act 2009.
The decision to grant an extension will allow for the details of the regulatory model to be settled and ensure resolution of implementation issues associated with bringing financial advice under the scope of the tax agent services regime, Mr Bradbury said.
Mr Bradbury said the Government would consult further on these changes and ensure the required legislation is introduced before the changes take effect on 1 July 2013.
Source: Assistant Treasurer’s press release No 020, 30 April 2012
[LTN 80, 30/4]