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Financial planners and the Tax Agent Services Regime

21 Oct 10 Financial planners and the Tax Agent Services Regime

The Taxation Institute has been actively raising concerns with the Government about Financial Planners, their tax advice and the Tax Agent Services Regime.  Earlier this year the Assistant Treasurer excluded planners from the Regime for 12 months, pending industry consultation on appropriate ways to regulate such advice given by planners.  A discussion paper will soon be released for comment on the way forward in relation to this issue.

The discussion paper will provide extra opportunity to strongly argue the case for financial planners to be included in the Tax Agent Services Regime, so that people receiving and relying on tax advice can expect that the adviser not only meets the new Regime's requirements but that they as a client are covered by the protective measures that it offers.

With a view to once more strongly emphasising to Government the degree to which planners are providing tax advice and in turn, the degree to which consumers are relying on it, we seek members' assistance.  We kindly ask you to provide further real life examples of the type of tax advice you see being provided by financial planners. Could you please send these to Tax Policy.