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Financial advice regulation to undergo reforms following TPB review

Tax (financial) advisers will soon only have to register once with a central disciplinary body, following a recommendation from the independent review of the Tax Practitioners Board.

by | 1 Dec, 2020

The independent review of the TPB, chaired by Keith James, was released by the government last week, including wide-ranging recommendations aimed at ensuring a fit-for-purpose regulatory regime for the tax profession.

Read more at the Accountants Daily. 

Budget highlights at a glance

Major Spending Initiatives
  • $36 billion in new spending 
  • $17 billion in personal tax cuts 
  • $8.5 billion in universal Medicare spending 
  • $5 billion for childcare 
  • 20% of student debt wiped for 3 million students 
  • $150 off power bills for all households and small businesses 
  • Prescription costs capped at $25 each 
              Economic Forecasts
              • Growth: 1.5% in 2024-25, rising to 2.25% in 2025-26 
              • Inflation: Expected to return to 2-3% band by June 2025 
              • Wage growth: Outpacing cost of living rises by 0.5% this year
                  Business Measures
                  • Non-compete clauses removed for workers earning under $175,000 
                  • $20 million “Buy Australian” advertising campaign 
                  • Incentives for construction and building worker apprentices doubled from $5,000 to $10,000 
                  • Uncertainty around the instant asset write-off scheme 
                  • Foreign investors restricted from buying new homes 
                          Budget Position
                          • Deficit: $27.6 billion in 2024-25, rising to $42.1 billion in 2025-26 
                          • Government spending as a percentage of GDP rising to 27% 
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