Australian financial advisers have been waiting for parliament to pass the Treasury Laws Amendment (2019 Measures No 3) Bill 2019, which would grant them an extension to sit their exams.
The outbreak of covid-19 triggered a renewed push by advisers and industry bodies for postponing the deadlines in May, in order on help advisers focus on clients and provide professionals some breathing room.
But it all came to a standstill when Centre Alliance party senator Rex Patrick put forward an amendment, which was supported by Labor, the Greens and One Nation.
It relates to grandfathered large proprietary companies being included in the regulator’s reporting regime.
Trouble ahead for Aussie advisers
The bill was rejected by the lower house, as assistant minister for superannuation, financial services and fintech Jane Hume said the government had been working to tackle the issue separately, as part of its response to a Senate committee report on tax avoidance.
The house of representatives voted against it on 15 June and the bill was debated in the Senate on 16 June 2020.
But it was voted down again, as Labour and the other opposition parties were adamant about including Patrick’s amendment, which makes it highly unlikely that the bill will pass, reported local news website IFA.
This is going to make advisers’ jobs much more difficult, as they not only have to deal with the aftermath of the coronavirus outbreak, but also with looming exam deadlines, for which they were promised an extension in August 2019.
