TASA extension – a win for consumer protection
The Financial Planning Association (FPA) has welcomed the government’s concessions to the Tax Agents Services Act (TASA), including a 12 month extension for financial planners to be brought into the regime.
Mark Rantall, CEO of the FPA said:
“The TASA extension is a win both for common sense and due process by the Financial Planning Association. The FPA cited the Bill’s many outstanding unresolved issues and missing detail as good reason for its referral. The FPA community has consistently supported and called for a 12 month extension for the financial planning community to be brought into the TASA regime.
“This period will provide the financial planning profession with time to ensure businesses are appropriately equipped to come under this regime and ultimately, to deliver the best outcomes for consumers.”
The FPA will now work with Treasury and the Tax Practitioners Board to ensure sensible regulation will be worked through to ensure consumer protection and a commercially viable outcome for the profession.