As I mentioned in last week’s TaxVine, the Government has released draft regulations outlining the proposed registration requirements under the Tax Agent Services regime for financial advisers giving tax advice.
This week the Tax Institute finalised our submission to Treasury on the proposed regulations, expressing our deep concerns with respect to the proposed education and experience requirements for financial advisers who gain registration by joining a recognised financial adviser professional association.
The draft regulations fail to create an adequate framework that includes appropriately stringent tax and commercial law education requirements for financial advisers giving tax advice. This outcome is of grave concern, as it risks undermining the fundamental principle of the Tax Agent Services regime, which is to protect consumers of tax advice.
We recommend that the draft regulations are changed to require financial advisers giving tax advice to complete both a course in Australian tax law and commercial law and meet an ‘eight out of the last ten years’ experience test.
Our submission can be accessed here
The Tax Institute is continuing to argue the case on this issue with Ministers and key Parliamentary decision makers in the coming weeks.
I would be pleased to provide further detail or to discuss this issue further with members; please feel free to be in touch with me via firstname.lastname@example.org
Robert Jeremenko CTA