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

Draft TASA regulations head in the right direction for professional FPA members

Last night’s release of draft Tax Agent Services Act (TASA) regulations show the TASA regulation is heading in the right direction, said Financial Planning Association CEO, Mark Rantall.

Mr Rantall said the FPA was pleased to see appropriate considerations offered in the latest draft that acknowledge the existing professional standards, experience and higher education levels of members of the FPA.

The FPA is a professional body recognised by the Tax Practitioners Board (TPB) having been formally approved as a Recognised Tax Agent Association in March 2012.

“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 TPB.

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

“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,” Mr Rantall said.

“Essentially, the draft we have seen today means FPA members who remain a member and adhere to the FPA’s Code and Professional obligations, already fulfil many of the requirements for TPB registration.”

This alone underscores not only the value of being a member of the FPA, but the long-term benefits of choosing higher educational and professional standards in financial planning.

The FPA has compiled some simple steps about registering with the Tax Practitioners Board to ensure its members gain full benefit from transitional arrangement exemptions.