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In media release No 2010/018, issued 29 November 2010, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of an options paper on how financial planners who offer tax agent services should be regulated.

The paper, "Regulation of Tax Agent Services provided by Financial Planners", puts forward 2 options to ensure financial planners who offer tax agent services are regulated effectively:

Option 1 - bring tax agent services provided by financial planners permanently within the tax agent services regime and be regulated by the Tax Practitioners Board, but do so in a way that minimises any additional compliance burden.

Option 2 - investigate and implement what changes, if any, might be made to the Australian Financial Services Licensing regime or its enforcement to ensure financial planners offering tax agent services are regulated to the same standards imposed on tax agents.

Consultation closes on 25 December 2010.


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