Cormann slams taxation bill ram raid

Financial planners will eventually need to register as tax agents after three taxation bills passed through the Senate on Friday afternoon, despite opposition outrage. While financial advisers have a further 12-month exemption, they face the vagaries of a second regulator and education requirements that are yet to be determined. Senator Mathias Cormann was left fuming. […]

AFA: TASA intro “rushed and flawed”

The Association of Financial Advisers (AFA) says it is deeply concerned over the proposed extension of the Tax Agent Services Act (TASA) to cover financial advisers. The association believes this legislation, as part of the Tax Laws Amendment (2013 Measures No. 2) Bill 2013 package currently before parliament, has been brought forward without due process […]

Enshrinement bill passes but policy questioned

The financial advice industry has welcomed enshrinement of the terms “financial planner” and “financial adviser” after the Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013 passed through the House of Representatives last night. The bill must still be approved by the Senate but this now seems inevitable given the coalition’s decision not to oppose […]
Professional Standards

Dodgier than dentists, better than car salesmen

More ethical than car salesmen but a whole lot dodgier than dentists, financial planners are having little success in changing their public image, according to Roy Morgan research. The Roy Morgan Image of Professions Survey 2013 again found that nurses are most highly regarded, closely followed by doctors and pharmacists, with planners languishing in mid-table. […]

Super tax changes: winners and losers

The superannuation changes proposed by Treasurer Wayne Swan and the Minister for Financial Services and Superannuation Bill Shorten have a range of implications for both investors and their financial advisers. From July 1, 2014 future earnings on assets supporting income streams will be tax free up to $100,000 a year. Earnings above $100,000 will be […]