Financial planners that give tax advice in the course of giving financial advice will come within the tax agent services regime under the Tax Agent Services Act 2009 (TASA) with effect from 1 July 2014.

The Financial Planning Association (FPA) will launch a comprehensive education campaign to prepare planners for this change, starting on Wed 19.2.2014, with the first of 4 webinars open to FPA members.

The FPA has also developed a TASA toolkit. It aims to educate planners on the main requirements of TASA and empower financial planning professionals to continue serving the best interest of their clients in a changing regulatory landscape, the FPA said.

The TASA Toolkit campaign comprises:

  • A series of 4 webinars for FPA members (2 for FPA members and 2 for FPA Professional Practices), taking place in February and March 2014, covering the main requirements to comply with TASA as an individual practitioner and as a professional practice.
  • National roadshows around Australia for FPA members, taking place in April through June 2014, which will give planners the chance to have questions answered in a face-to-face setting. The roadshows will address TASA and the proposed FoFA amendments. The capital city roadshows are run in partnership with Platinum Asset Management and will also provide a global economic outlook.
  • A TASA “Toolkit” which will continue to be developed and will consist of tools such as Easy Reference Guides, FAQs and a library of articles. This toolkit is available online exclusively to FPA members.

Source: FPA media release, 18 February 2014

[LTN 32, 18/2/14]