Labor MP Deborah O’Neill tabled a report in parliament yesterday on behalf of the House Standing Committee on Economics, in response to the Tax Laws Amendment (2013 Measures No. 2) Bill 2013, which – among other proposals – would require financial advisers who provide tax advice to register with the Tax Practitioners Board from July.
The report indicated that a majority of the committee felt the proposed amendments to TASA do not require further review and should proceed to a vote in the House of Representatives, scheduled for today.
“The proposed amendments are implementing key government objectives as part of ongoing tax reform,” the report stated.
“It is the view of the committee that due to the urgency of the Bill and the need to resume the second reading debate there is insufficient time to undertake an inquiry,” it continued.
However, a dissenting report tabled by Coalition MP Steven Ciobo said that the decision of the committee to reject an inquiry into the Bill due to insufficient time “represents arrogance from Labor members”.
“The fact relevant government agencies, as well as the public and key stakeholders, were denied an opportunity to inform the committee of the consequence of this decision by the Gillard Labor Government underscores a shambolic and reckless approach to policy development by Labor,” the dissenting report said.
Following the tabling of the two reports, there was considerable confusion yesterday afternoon as to the current status of the Bill.
At 2pm shadow minister for financial services and superannuation Senator Mathias Cormann took to social media to proclaim that the Bill had been referred back to a parliamentary committee.
"Victory for common sense re changes to Tax Agent Services Act. Will now go to [parliamentary joint committee] to report 17 June. Shouldn't be this hard. Govt in chaos," the Senator tweeted.
Financial Planning Association general manager, policy and standards, Dante De Gori – who was in Canberra yesterday to lobby for the postponement of a vote on the Bill – told InvestorDaily yesterday afternoon that he was also hearing that the Bill had been referred, but that there was no official confirmation from the government as to which committee and whether further review is intended to take place before or after the scheduled House of Representatives vote.
Sources within parliament told InvestorDaily that if the Bill does go to a vote in the Lower House today, the Coalition will be voting to excise the sections pertaining to TASA.
