Financial Planning Association seeks deferral of bill on financial advisers

The Financial Planning Association of Australia has been lobbying Federal MPs and senators urging them to defer a bill that would require financial advisers to come under the tax agents regime.

The legislation requires financial advisers to be registered by the Tax Practitioners Board and to obtain at least limited tax qualifications.

FPA chief Mark Rantall the requirements and obligations for financial planners to comply with the Tax Agents Services Act were unclear ahead of the planned July 1 introduction date.

The FPA has called for a six-to-12 month delay in applying the tax agents’ regime to financial planners.

The bill is scheduled to be voted upon in Parliament after the Labor party blocked an inquiry about the Tax Laws Amendment bill in the Economics Legislation Committee last week.