On Monday 29 November 2010 Treasury released its Options Paper in respect of the regulation of tax agent services provided by financial planners. This Options Paper has been released after months of debate in relation to the appropriate level of regulation of tax advice provided by financial planners.
The Taxation Institute's position on this issue remains that all tax advice provided to consumers (including where such advice is provided by financial planners) should be provided under the regulation of the Tax Practitioners Board, and with all the protections afforded by the Tax Agent Services Act 2009. .
We received many reports of tax advice provided by financial planners from our members which have bolstered our case on this issue. We thank our members who took the time to provide such detailed information to us.
Submissions to Treasury on the Options Paper are due on or by 25 December 2010. Members that are interested in contributing to the Taxation Institute's submission are encouraged to contact Tax Policy