Treasury releases TASA regulations

The draft regulations prescribe a tailored set of ongoing registration requirements for tax (financial advisers), as well as a number of other related amendments.

The regulations also propose to amend the experience requirements for BAS agents, and make other minor corrections and clarifications to the Tax Agent Services Regulations 2009.

FPA chief executive Mark Rantall said the regulations were a sign the TASA regulation is headed in the right direction, with “appropriate considerations” offered in the latest Treasury draft that acknowledge the “existing professional standards” of members of the FPA.

“Treasury has opened a consultation period until July 9, 2014 to gain feedback on the draft TASA regulations, which detail the experience and education requirements of financial planners required to register with the Tax Practitioners Board,” said Mr Rantall.

The FPA will provide a submission to Treasury to ensure all the requirements in the draft regulations are appropriate and relevant for financial planners, he said.

“However, we broadly welcome these TASA requirements as heading in the right direction, and are specifically encouraged that Treasury has proposed waiving its tax and commercial law course requirements for financial planners who have six years' full time equivalent relevant experience, and are members of a TPB recognised professional body,” said Mr Rantall.