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21 Jun 11 Registered financial planners: application of tax agent services regime deferred

The application of the tax agent services regime to holders of Australian Financial Services Licenses (registered financial planners) has been deferred until 30 June 2012, by amendments to the Tax Agent Services Regulations 2009: Tax Agent Services Amendment Regulations 2011 (No 1) (SLI 2011 No 111; made 16 June 2011; registered 20 June 2011).

The application of the tax agent services regime to registered financial planners had previously been deferred to 30 June 2011. The further extension of the deferral allows for consultation on, and development of, an appropriate regulatory regime for registered financial planners. Given the extensive scope of the Future of Financial Advice reforms, it is essential that adequate consultation be undertaken before regulating registered financial planners who provide tax agent services.