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

Treasury consultation of stamping fee exemption

Media statement in response to the Morrison Government’s response to Treasury consultation of stamping fee exemption

The Financial Planning Association welcomes the removal of the exemption that allows stamping fees on listed investment entities, and now calls on the Senate to urgently turn its attention to the FASEA extension bill that was recently delayed.

We welcome the exemption as it ensures Australians continue to invest with confidence in LICs and LITs.

Today’s announcement also removes any impediment to passing the much-needed Treasury Laws Amendment (2019 Measures No.3) Bill 2019, which will grant financial planners an extension to complete new education requirements. Our members are calling on the Senate to pass the bill at the next parliamentary sitting on 10 June.

Many of our members have been eagerly waiting on confirmation that the FASEA exam deadline would be extended, giving them critical time to focus on helping their clients navigate the COVID-19 pandemic and economic crisis. A further delay from Senate will add even greater uncertainty to financial planners, who are expected to help 2.7 million Australians seeking financial advice over the next three months in response to major changes in their employment, their investments and their prospects for retirement.