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Exposure Draft - Tax Agent Services Amendment Regulations 2010 (No.)


Friday, 9 July 2010

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On 23 April 2010, the Assistant Treasurer announced an extension of proposed exemptions from the new national tax agent services regime to 'in-house advisors' and custodians, and a one year deferral of the application of the regime to financial planners.

On 9 July 2010, the Assistant Treasurer released Exposure Draft Regulations to give effect to this announcement. The Draft Regulations also propose minor technical amendments to the existing Regulations.

The proposed Tax Agent Services Amendment Regulations 2010 (No.) will mean that a service provided between related entities will not be regulated by the tax agent services regime. For example, services provided between partners to a partnership, and between joint venture partners or within a tax consolidated group. Also, custodians will not be captured by the regime.

The Regulations will also mean that, until 23 April 2011, an entity providing financial product advice that is licensed to provide those services under the Corporations Act 2001 will not be required to seek registration as a tax agent to the extent that the advice they provide also constitutes a tax agent service. This will provide time to determine whether it is appropriate to require financial planners to seek registration under the new regime.

Making a submission

Interested parties are invited to comment on the Regulations. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Monday, 26 July 2010

Address written submissions to:
Small Business, Trusts and Regulation Unit
Business Tax Division
The Treasury
Langton Crescent

Email: taxagentservices@treasury.gov.au

For enquiries please call Kerry Baguley (02) 6263 3169.

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Draft Regulations  134.75kb
Explanatory Statement  43.56kb

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