The Tax Agent Services Act (TASA) was passed in 2009 and the TASA regime commenced in March 2010 for tax agents and BAS agents.
Financial advisers were initially given a 12-month exemption from the Act and the exemption was extended a number of times until 1 July 2014, when financial advisers became subject to TASA for the first time, as part of a three-year two-stage transition period.
A new separate category of tax practitioner has been created for financial advisers, who are known under the Act as, ‘Tax (Financial) Advisers’. Tax (financial) advisers will become subject to new education, experience and conduct requirements under the TASA regime. The regulator for the TASA regime is the Tax Practitioners Board, who have been working closely with industry stakeholders to prepare financial advisers for operating under the TASA regime.
The history of our engagement on TASA is set out below: