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01 May 12 Exemption for financial advisers providing tax advice extended

In media release No 2012/020, issued 30 April 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced that financial advisers will be granted an extension to their exemption from the taxation agent services regime until 30 June 2013.

This decision will extend for one year the current exemption, which expires on 30 June 2012 and will allow for a 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.

"This 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...The new regulatory arrangements will focus on the principles of consumer protection and the delivery of quality taxation advice by financial advisers who offer this as part of their financial product advice services," Mr Bradbury said.


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