The tax agents services act (TASA) has been delayed to 1 July 2013, to introduce a "financial adviser services" category for advisers.
According to the australian securities and investments commission (ASIC), financial advisers who give tax advice will become registered tax agents and register with the tax practitioners board (TPB), once the legislation passes.
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Firms that are currently exempted from the taxation agent services regime are financial advice firms with exemption due to end on 30 June 2013.
The consultation on exposure draft legislation for advisers providing tax advice was started by the treasury on 9 February 2013.
Treasury received 33 submissions, including those of the financial planning association (FPA), the association of financial advisers (AFA) and the SMSF professionals’ association of Australia (SPAA) at the end of the consultation period on 8 March 2013.
FPA general manager of policy and conduct, Dante De Gori said: "The FPA is concerned with the short timeframe of getting this bill passed -likely to be June 27- and the start of the measure which is due July 1,"
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By GlobalDataThe FPA is demanding for the bill to be delayed for about another six months.
