International Law

Financial planners and tax agent registration

By David Jacobson

The Tax Agent Services Amendment Regulations 2010 (No. 1) clarify the coverage of the national tax agent services regime.

The national tax agent services regime which replaced six state-based Tax Agents Boards came into effect on 1 March 2010.

The Regulations prescribe services that are not tax agent services and are outside the tax agent services regime permanently or for defined periods.

In particular the Regulations:
? defer the application of the tax agent services regime to holders of Australian Financial Services Licenses (registered financial planners); and
? exclude certain services that are effectively internal, between connected entities or provided between closely related parties, from the tax agent services regime.

The application of the national tax agent services regime for the estimated 18,000 financial planners currently operating in Australia has been deferred until 1 July 2011 to allow time for further consultation.

Full post as published by Australian Regulatory Compliance Review on November 02, 2010 (boomark / email).