The current restrictions on tax (financial) advisers creates confusion, delays and additional costs, according to the Financial Planning Association (FPA).
The FPA has used a submission to Treasury responding to draft legislation intended to amend the Tax Agent Services Act to drive home its point about some of the fetters being removed from financial planners.
An exposure draft of Tax Agent Services (Specified Tax (Financial) Advice Services) Instrument 2018, released by the Treasury this month suggests the financial planning industry has secured a strategic win on the issue.
Reflecting the degree to which the financial planning industry has been successful in lobbying the Government to amend the legislation, the FPA said that the current restrictions on tax (financial) advisers created confusion, delays and additional costs for services for which it was recognised that tax (financial) advisers were the appropriate professional to assist the client.
“This is especially the case for issues relating to contributions to super, super balances and remediation of additional taxation in relation to super,” it said.
“Giving legal effect to this recognition of status of advisers benefits clients by allowing them to rely on a trusted professional in dealing with the Commissioner rather than having to represent themselves,” the submission said.