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Options Paper - Regulation of tax agent services provided by financial planners


Monday, 29 November 2010

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On 23 April 2010, the Government announced a deferral of the application of the tax agent services regime to tax agent services provided by financial planners. This deferral provides time to seek the public’s view on the regulatory oversight arrangements for tax agent services and advice provided by financial planners.

On 29 November 2010 the Assistant Treasurer released a paper which presents two options for consideration:

Option 1 - bring tax agent services provided by financial planners permanently within the tax agent services regime to be regulated by the Tax Practitioners Board, but do so in a way that minimises any additional compliance burden; or

Option 2 - investigate and implement what changes, if any, might be made to the Australian Financial Services Licence regime or its enforcement to ensure that it provides a comparable level of regulatory supervision in relation to tax services provided by financial planners as the level of supervision imposed on the providers of tax services regulated by the Tax Practitioners Board.

Making a submission

Interested parties are invited to comment on the options paper. 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: Saturday, 25 December 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)

Options Paper  262.19kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Options Paper  3,295.82kb

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