Australian Tax Commissioner Michael Carmody announced yesterday that the ATO and the ASIC (Australian Securities and Investments Commission) are considering whether additional guidance is needed to ensure that tax agents and financial advisors remain compliant with the law.
"We are considering whether any further guidance is needed to help industry understand the range of services they are authorised to provide and the standards of conduct they are expected to meet under the tax law and the Corporations Act," revealed Mr Carmody, pointing out that there may be some instances where financial advisors giving tax advice may also need to become registered tax advisors.
According to the ATO, the tax department and ASIC have already taken part in round-table discussions with representatives from the tax and financial advisory industries and will continue to consult with key stakeholders in the New Year.
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