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List of recommendations
Recommendation 1
3.47 The committee
recommends that the Australian Securities and Investments Commission, in
consultation with stakeholders including the Taxation Practitioners Board
(TPB), consider the case for amending Regulatory Guide 175 along the
lines proposed by the Financial Services Council and the Financial Planning
Association. The prime consideration must be to protect the integrity of the
principles underpinning the best interests duty.
3.48 The committee
suggests that as part of this process, the TPB should discuss with relevant
stakeholders the current requirement in the Tax Agent Service Act 2009
for a 'sufficient number' of individuals to be registered as tax agents before
a company is eligible for registration.
Recommendation 2
3.58 The committee
recommends that the transitional arrangements be amended to stipulate that,
from 1 July 2013 until 31 December 2013, unregistered financial services
licensees and representatives may provide tax (financial) advice services on
condition that they accompany such a service with a disclaimer which states
that:
(a) the provider of the advice is not a registered tax agent under
the Tax Agent Services Act 2009; and
(b) if the receiver of the advice intends to rely on the advice to
satisfy liabilities or obligations or claim entitlements that arise, or could
arise, under a taxation law, the receiver should request advice from a
registered tax agent.
or which states that:
(a) the provider of the advice is not a registered tax (financial)
adviser under the new law; and
(b) if the receiver of the advice intends to rely on the advice to
satisfy liabilities or obligations or claim entitlements that arise, or could
arise, under a taxation law, the receiver should request advice from a
registered tax agent or a registered tax (financial) adviser.
3.59 However, the amendments should ensure that from 1
January 2014 to 31 December 2014 only the second disclaimer outlined above
may be used.
Recommendation 3
3.72
Subject to recommendations 1 and
2, the committee recommends that the proposed amendments contained in schedules
3 and 4 to the version of the Tax Laws Amendment (2013 Measures No. 2) Bill
2013 that was read a first time in the House of Representatives be reintroduced
and passed.
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