The Financial Planning Association of Australia The Financial Planning Association of Australia

FPA prepares planners for TASA


Tuesday, 18 February 2014

The FPA is set to launch a comprehensive education campaign to prepare planners for the implementation of the Tax Agent Services Act in July. The campaign kicks off tomorrow with the first of four webinars open to FPA members.

The TASA toolkit campaign is in line with the FPA’s commitment to support the enablement of the profession by taking care of the detail of legal reforms at work in the industry. It aims to educate planners on the main requirements of the Tax Agent Services Act and empower financial planning professionals to continue serving the best interest of their clients in a changing regulatory landscape.

The campaign builds on the success of the FPA’s Bulletproof Financial Planning campaign in 2013, which provided support to members in preparing for the implementation of the FoFA reforms.

The TASA Toolkit campaign comprises:

  • A series of four webinars for FPA members (2 for FPA members and 2 for FPA Professional Practices), taking place in February and March, covering the main requirements to comply with TASA as an individual practitioner and as a professional practice;
  • National roadshows around the country for FPA members, taking place in April through June, which will give planners the chance to have questions answered in a face-to-face setting. The roadshows will address TASA and the proposed FoFA amendments. The capital city roadshows are run in partnership with Platinum Asset Management and will also provide a global economic outlook;
  • A TASA ‘Toolkit’ which will continue to be developed and will consist of tools such as Easy Reference Guides, FAQs and a library of articles. This toolkit is available online exclusively to FPA members.

As well as the implementation of TASA, the FoFA reforms announced in late December and the Financial System Inquiry are set to have an impact on the financial planning profession in 2014.
Mark Rantall, CEO of the FPA, said: “Our priority is to support the financial planning profession, which in turn has the best interest of Australian investors at heart.

“We are constantly in discussions with the FPA community about the issues that are top of mind for planners and practice owners. One concern that consistently comes up is the challenge of adapting to new legislation and regulations. So, we have made it a priority to provide a variety of resources designed to equip planners to continue providing best-practice advice up to the highest professional standards.

“Last year, the Bulletproof Financial Planning campaign helped prepare thousands of planners for the implementation of FoFA and the feedback we received from planners who participated was that it was a highly valued resource. The webinars in particular proved very popular, as did the face-to-face support provided by the roadshows.

“We encourage all financial planners to take advantage of the TASA education program now to avoid feeling under pressure and rushing to make changes come 1 July. The more prepared planners are, the easier this transition will be both for them and for their clients,” he said.

All roadshows and webinars are free of charge. A full schedule of the roadshows is available at www.fpa.com.au/roadshow. The TASA toolkit is available for FPA members to access here.

Registration is now open for the roadshows in Hobart, North Tasmania and WA (Perth). Planners can register at www.fpa.com.au/roadshow.

To sign up for a webinar, FPA members are invited to go to www.fpa.com.au/tasa