color strip

Creating a regulatory framework for tax advice (financial product) services

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.

Making a Submission

Interested parties are invited to comment on the design of the amendments, including the proposed changes to the regulations. It would assist the consultation process if stakeholders that have any concerns with the proposed approach, provide examples in their submission demonstrating the practical implications of the current approach and how any alternative approaches would operate.

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: Friday, 8 March 2013

Address written submissions to:

General Manager
Revenue Group Law Design Practice
The Treasury
Langton Crescent
PARKES ACT 2600

For enquiries please call Philip Akroyd (02) 6263 4385 .

Key Documents

Make a Submission

  • Alternatively submit via post 60KB
color strip

Contact the Treasury

Telephone +61 2 6263 2111 or
1800 020 008 (Switchboard, 8.00 am to 5.30pm AEST)
Facsimile: + 61 2 6273 2614
Email Us
ABN: 92 802 414 793