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.