As I mentioned in last week's TaxVine, the Government has released draft regulations outlining the proposed registration requirements under the Tax Agent Services regime for financial advisers giving tax advice.
This week The Tax Institute finalised our submission to Treasury
on the proposed regulations, expressing our deep concerns with respect to the
proposed education and experience requirements for financial advisers who gain
registration by joining a recognised financial adviser professional association.
The draft regulations fail to create an adequate framework that
includes appropriately stringent tax and commercial law education requirements
for financial advisers giving tax advice. This outcome is of grave concern, as
it risks undermining the fundamental principle of the Tax Agent Services
regime, which is to protect consumers of tax advice.
We recommend that the draft regulations are changed to require
financial advisers giving tax advice to complete both a course in Australian
tax law and commercial law and meet an ‘eight out of the last ten years'
Our submission can be accessed here.
The Tax Institute is continuing to argue the case on this issue
with Ministers and key Parliamentary decision makers in the coming weeks.
I would be pleased to provide further detail or to discuss this
issue further with members; please feel free to be in touch with me via firstname.lastname@example.org.