Date posted: 15/02/2022

Submission on Remake of sunsetting Tax Agent Services Regulations 2009

CA ANZ and IPA welcome the opportunity to comment on the remaking of the sunsetting Tax Agent Service Regulations 2009.

In brief

  • the TPB should have a general discretion to grant extensions to the proposed 30-day advisement period
  • clearer delineation of legislative and regulatory frameworks between financial advisers and tax agents
  • providing strategic superannuation advice can represent only a small portion of their business

CA ANZ have provided both general and specific comments for the draft Tax Agent Services Regulations 2022. The current regulations (Tax Agent Service Regulations 2009) will expire on 1 April 2022 and due to the uncertainty regarding when the 2022 Federal election will be called, CA ANZ requests that these regulations be approved as a matter of urgency.

General comments and questions included in this submission:

  • Should the proposed regulations refer to MOUs?
  • 30-day response times
  • Appointment of the Secretary and staff
  • The flow-on ramifications of cancelling registration

Specific comments and questions included in this submission:

  • Registered Tax Agents (RTAs) should be grandfathered to ASIC
  • Reforms to the regulation of certain superannuation and tax related advice required.

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