Planners secure strategic win on Tax Agent legislation

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.

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So what exactly is the "Strategic Win"? Am I missing something?

It's a mystery!

Ill take a stab, maybe now we be registered tax agents with the ATO as well as just paying a fee for nothing to the TPB? You cant get paid unless you are a member of the TPB, to do that you need to pay membership to the FPA/ about layers of costs

Paying fees for no service to the TPB! There should be a Royal Commission into it. But wait I hear the TPB say they do many things behind the scenes that Advisers are not told about, like sending out newsletters and keeping track of adviser names and birthday greetings. The royal commission would not say this was "no service"..... Whoops I forgot the TPB does not have to provide a service, it is a government body and is only there to collect fees.

I take it to mean that Tax (Financial) Advisers will now be able to communicate directly with the ATO on behalf of clients.

The lads from the Fettucini Picking Association are doing a sterling job. Golf clap.

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