The Parliamentary Joint Committee on Corporations and Financial Services has recommended that, subject to transitional provisions, the proposed amendments contained in schedules 3 and 4 to the Tax Laws Amendment (2013 Measures No. 2) Bill 2013 be reintroduced and passed.
Schedules 3 and 4 contained proposed amendments that would bring financial advisers who provide tax advice into the tax agent regulatory regime overseen by the Tax Practitioners Board (TPB).
The Committee recommended that transitional arrangements be amended to stipulate that, from 1 July 2013 until 31 December 2014 , unregistered financial services licensees and representatives may provide tax (financial) advice services on condition that they accompany such a service with a disclaimer.
