Australian Government, 2013-14 Budget
Budget

Part 3: Capital Measures (Continued)

Treasury

Tax agent services licensing regime — online registration for financial advisors

Capital ($m)
  2012-13 2013-14 2014-15 2015-16 2016-17
Australian Securities and Investments Commission 1.0
Australian Taxation Office 6.5
Australian Securities and Investments Commission 0.1 0.1 0.1

The Government will provide $1.4 million over four years to provide for a single, online registration for financial advisors registered with the Australian Securities and Investments Commission that also need to be registered with the Australian Taxation Office (ATO) as tax advisors from 30 June 2013. This follows the end of the exemption of financial advisors from the tax agent services licensing regime.

The cost of this measure will be offset by fees charged by the ATO for registering financial advisors under the Tax Agency Services Act 2009 from 1 July 2015. The proposed fees are $400 for a three year registration for a Category 2 financial advisor who carries on a business as a Category 2 financial advisor; and $200 for a three year registration for a Category 2 financial advisor who does not carry out a business as a Category 2 financial advisor.

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