The Federal Government’s push to make financial advisers register as tax agents has been delayed, with the bill referred to the Parliamentary Joint Committee on Corporations and Financial Services.

But the delay might be short-lived, as the committee has a weekend to consider submissions and write the report on the Tax Laws Amendment (2013 Measures) Bill.

Interested parties have until Friday to make submissions, with the report to be tabled in Parliament by the following Monday – the start of the final fortnight of sittings for this current parliament.

The exemption from financial advisers registering as tax agents expires at the end of this month.

Shadow Assistant Treasurer Mathias Cormann told insuranceNEWS.com.au sending the bill to the committee will ensure proper consultation, although the current timetable would suggest this is not going to be extensive.

“The Government’s bill as it stood would have created a new licensing regime with less than four weeks to go before implementation,” he said. “This was in the face of fierce opposition from the financial services industry.”

Debate on the bill had become inflamed when the Standing Committee on Economics said it didn’t have time to examine the bill.

Coalition committee members issued their own report, attacking the “arrogance” of Labor representatives.