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

Policy Issues


Federal Budget

Once again the FPA was present at the 2016 special Stakeholder’s “Budget Lock-Up”. Here are our insights on some of the expected, and unexpected measures. Superannuation tax concessions have been heavily tightened, with existing limits reduced and new caps introduced The tax exemption for earnings on assets supporting ‘transition to retirement’ income streams will be removed, […]

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Economic security for women in retirement

The FPA is pleased that the Senate Economics References Committee report on the economic security of women in retirement has, for the most part, followed our recommendations. Specifically, the Committee has recommended that: The Superannuation Guarantee be paid on the Commonwealth Paid Parental Leave Scheme; and that mechanisms for improving the retirement incomes of carers […]

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Product regulation and ASIC powers

  The Government has released a consultation paper on two key proposals from the Financial System Inquiry: design and distribution obligations for financial product issuers and distributors product intervention powers for ASIC to enable the regulator to intervene where a product is identified as creating a risk of significant consumer detriment. The FPA has strongly […]

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FoFA

Important update The government has committed to make minor amendment to the FoFA reforms, including an extension of the timeframe for advisers to send renewal opt-in notices and fee disclosure statements to retail clients from 30 to 60 days. A Bill to implement these changes is currently progressing through the Parliamentary process. However, it requires […]

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Anti-Money Laundering & Counter Terrorism Financing

Financial Planning AML/CTF Risk Assessment In December 2016, Minister for Justice, Michael Keenan, released Australia’s first risk assessment report of money laundering and terrorism financing within the financial planning industry Australia’s financial planning industry raised $4.6 billion in revenue in 2016 and is accessed by one in five Australians, so it’s crucial that it is […]

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Tax Agent Services (TASA)

As of 1 July 2014, the Tax Agent Services Act commenced for financial planners who provide a ‘tax (financial) advice service’ for a fee. Read the Tax Agent Services Regulations. The Tax Practitioners Board (TPB) has implemented a transitional period of three years, to ensure you can sufficiently prepare for your obligations. The following period […]

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Tax White Paper

As part of the Coalition’s 2013 election commitment to review the Australian taxation system, the Government began the Tax White Paper process. The process is designed to achieve a better tax system that delivers taxes that are lower, simpler and fairer. The tax discussion paper was released on 30 March 2015, and includes 66 discussion […]

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Aged Care

Changes to aged care started 1 July 2014. The Department of Social Services has published an information kit on the changes to aged care. The information in this kit will help you to: understand the changes to aged care explain the changes to your clients encourage your clients to think about and plan for their […]

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Financial Planning Services for ADF members

Former and current members of the Australian Defence Force sometimes face complex decisions with respect to their financial affairs. As well as considering the additional risks and lifestyle factors that are relevant to veterans and current members, there is additional legislation that affects their entitlement to social security benefits and Government departments with which they […]

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