Accountants/advisers contradict Jones
Australia’s major accounting and advice groups have directly contradicted suggestions by the Assistant Treasurer and Minister for Financial Services, Stephen Jones, that they were consulted over changes in the Tax Agent Services (Code of Professional) Conduct Determination.
At the same time as the changes risk being disallowed in the Senate, the Joint Associations Working Group, which includes the Financial Advice Association of Australia and the SMSF Association, has made clear their dissatisfaction with Jones’ approach.
Their joint statement said, “it is incorrect for the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, to say ‘Tax Practitioners and their professional associations were consulted throughout the development of the Code as it was proposed, including in the weeks before the Government’s announcement to introduce the new obligations.’ No further consultation or engagement after January was undertaken on the Determination before it was registered on 2 July 2024 (six months later)”.
Jones promised to fix the HOT MESS of mass over regulation on Financial Advisers.
Typical Canberra Pollies and Bureaucrats do the exact opposite of what they promise.
Hey Jonesy, the HOT MESS IS GETTING HOTTER AND MESSIER.
Hey Jonesy, the Gordian Knot is getting more complex and harder to cut.
JONSEY HAS BEEN A TOTAL AND UTTER FAILURE IN FIXING THE HOT MESS HE SAID HE WOULD FIX.
Anyone remember the quick wins he was going to fix ?
At least accountants, who are the most impacted by these changes, got a delay in the implementation date. If it was just financial advisers it would already be in place and ASIC would be using it to ban people.
& apply it retrospectively for about 10 years as well no doubt!