On 29 November 2010 an options paper, Regulation of tax agent services provided by financial planners, was released for public consultation. Following an ongoing consultation process with industry stakeholders and the announcement of these changes in the 2012-13 Mid-year Economic and Fiscal Outlook, the Government has developed draft legislation to implement this new regulatory regime.
It will be necessary to amend both the Tax Agent Services Act 2009 and the Tax Agent Services Regulations 2009 (the Regulations) to give full effect to this measure. However, the Government has not yet finalised the amendments to the Regulations as they will be contingent on the final form of the draft legislation. Nonetheless, to assist in this consultation process, the Government has prepared a short paper outlining the proposed changes to the Regulations that would implement the new regime in full.