The Australian Securities and Investments Commission is consulting on extending an existing tax advice exemption for financial services licensees and their representatives for a further five years. The exemption allows limited advice on the tax implications of financial products outside the scope of their licences or authorisations. The proposal would remake the instrument, which is due to expire on April 1, 2027, with minor updates that leave its effect unchanged. Licensees and representatives relying on the exemption must provide a disclaimer explaining that they are not licensed or authorised to provide the advice. The disclaimer must also make clear that tax is only one factor to consider and that clients should consider seeking appropriately authorised advice before making a decision.
Australian Securities and Investments Commission consults on extending limited tax advice exemption for five years
The Australian Securities and Investments Commission is seeking feedback on a further five years for an exemption allowing licensees and their representatives to give limited advice on the tax implications of financial products outside their licences or authorisations. The exemption is due to expire on April 1, 2027, and the proposal would preserve its existing effect, including mandatory disclaimers about the limits of the advice.