Category Archives: News

ASIC questioned on financial advice at PJC hearing

AFA News 26 November 2020. ASIC appeared before a hearing of the Parliamentary Joint Committee on Corporations and Financial Services on Wednesday 18 November 2020. Whilst a lot of the focus of that committee hearing was on the issue of expenses incurred by the Chair and Deputy Chair, and the implications for the ASIC governance model, […]

Government Releases the Retirement Income Review

AFA News 26 November 2020. On Friday 20 November 2020, the Treasurer, the Hon Josh Frydenberg MP released the long-awaited Retirement Income Review final report. The report was finalised in July this year, however the Treasurer only released this last week. The Treasurer concluded that the review confirms that “the Australian retirement income system is effective; […]

TPB extends the Annual Declaration Exemption

AFA News 26 November 2020. The TPB has recently advised that the exemption on the obligation to complete an annual declaration has been extended until 1 July 2021. This means that if your annual declaration was due before 1 July 2021, then you will not need to take any action until 2022.  The TPB reminds advisers […]

Time to update your Professional Indemnity Details

AFA News 26 November 2020. The TPB has recently issued a reminder to tax practitioners about the need to keep your Professional Indemnity Insurance details up to date. This is particularly necessary where you have your own PI cover and it has changed recently. In this case, you will need to log into your TPB ‘My profile’.  […]

Changes to the AFA By-Laws on Disciplinary Matters

AFA News 26 November 2020.  The AFA is a recognised tax (financial) adviser association, which delivers important benefits to members under the TPB registration option of “six years full time experience out of the last eight and membership of a professional association”.  This recognition by the TPB places obligations on the AFA, and one of […]