The Self Managed Super Funds Professionals' Association of Australia (SPAA) has welcomed the government's decision to delay the inclusion of financial planners in the tax agent services regime until 1 July 2012.
The industry body has labelled the move as a commonsense approach to the proposed reform.
SPAA also supported the key elements of the tax agents services regime outlined last week.
"SPAA believes all individuals who provide financial product advice should be licensed by ASIC and minimum advice competencies should be raised to ensure all practitioners who provide financial product advice are able to provide a level of competent tax advice," SPAA said.
Furthermore the association took the opportunity to reiterate its position on a replacement framework for the accountants' exemption in line with the proposed Tax Practitioners Board registration process.
"As the scope of tax services provided by financial planners is determined according to the type of registration, SPAA also advocates the position that accountants should be given a similar restricted license for financial advice such as superannuation," SPAA said.
Under the proposed regime financial planners offering tax advice will have to register with the Tax Practitioners Board. The scope of tax advice they can provide will be determined by the registration held.
The new system will also see financial planners bound by a code of conduct that applies to registered tax agents and have them hold tax related qualifications as well.
