The Government has now released draft regulations outlining the proposed registration requirements under TASR for financial advisers giving tax advice. It is extremely disappointing that consumer protection is not foremost in the Government's mind in subjecting financial advisers to TASR. I say this because the draft regulations do not ensure a robust framework that includes appropriately stringent tax and commercial law educational requirements for financial advisers.
The Tax Institute will continue to relentlessly argue the case on this issue with the Government and key decision makers in the Parliament. Members who feel strongly about this may wish to consider writing to Treasury about the content of the draft regulations and/or contacting your local member of Parliament; (the Tax Institute is writing to Treasury and key decision makers in any event).
The draft regulations can be viewed here, and please be in touch with me if you would like any further information.