Financial advisers’ exemption from registering as tax agents has been extended to July 1 next year.

The concession came as the Government reintroduced the Tax Laws Amendment Bill to the House of Representatives last Thursday. It follows lobbying from the Financial Planning Association, the Financial Services Council and the Association of Financial Advisers.

“Throughout this process, we have listened to the concerns of the financial services industry,” Assistant Treasurer David Bradbury said.

“The Government will extend the current exemption and the commencement date of the new regime by 12 months... this will allow industry ample time to prepare for the new regime.”

Mr Bradbury says there will be further consultation on areas that do not constitute tax agent services.

These include “advice provided by an insurer pursuant to payments of income protection or salary continuance insurance… and the corresponding issue of payment summary and advice therein”.

The bill has passed its third reading and should be introduced to the Senate this week.