The Tax Laws Amendment (2013 Measures No. 3) Bill 2013 has been passed by the House of Representatives and will now be considered by the Senate.

The Bill, if passed, amends the Tax Agent Services Act 2009 to bring entities that give tax advice in the course of giving advice that is usually provided by financial services licensees within the regulatory regime administered by the Tax Practitioners Board.

The amendments mostly commence from 1 July 2014 with a three-year transitional period before the new regime commences in full on 1 July 2017.

Tax agent services provided by financial services licensees and their authorised representatives were previously exempt from the TASA 2009 regulatory regime.