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In media release No 2010/153, issued 9 July 2010, the Assistant Treasurer, Senator Nick Sherry, announced the release for public consultation of the exposure draft of the Tax Agent Services Amendment Regulations 2010, that will, when enacted, exclude certain groups from the operation of the tax agent services regime.

The regulations prescribe that the provision of tax agent advice within a tax consolidated group or other related entities will not be captured. This extends to:

  • services provided between entities that are part of the same GST group;
  • services provided by an entity in discharging their own formal obligations to another entity, namely trustees and responsible entities of a managed investment scheme;
  • services provided between separate legal entities that are carrying on a common economic enterprise and have the same or near same owners, namely wholly owned corporate groups, stapled groups, non-wholly owned groups and listed groups; and
  • services provided between dual listed companies and between joint venture partners.

The Minister said that the changes will also provide certainty to custodians, who are not intended to be captured by the regime.

In addition, the regulations include a deferral of the tax agent services regime to financial planners for the period up to 23 April 2011.

The closing date for submissions is 26 July 2010.


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