Tax advice exemption discrepancy driving away accountants
A discrepancy in ASIC’s treatment of licensed and unlicensed accountants in relation to the tax advice exemption instrument is driving accountants away from obtaining an AFSL, says an industry lawyer.
Earlier this year, the regulator amended the ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151 to allow full AFSLs to provide exempt tax advice in relation to products not covered by their licence.
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