THE Parliament’s Joint Standing Committee on the National Capital and External Territories has started work under new leadership, after electing the Hon Keith Pitt MP as its Chair and Senator Carol Brown as Deputy Chair. 

Mr Pitt said he looked forward to working with the committee to emphasise Canberra’s significant role at the heart of the nation.

In the last Parliament, the committee inquired into issues such as Commonwealth approval for the ACT’s light rail project, the strategic importance of Australia’s Indian Ocean Territories and Canberra’s national institutions.

The committee is a joint committee of the Australian parliament, comprising government and non-government members of the Senate and the House of Representatives. Its jurisdiction includes Canberra’s parliamentary zone and precincts; and the Australian Government’s interests in Canberra as the national capital.

In addition, the committee examines matters relating to Australia’s external territories including Norfolk Island, Christmas and Cocos (Keeling) Islands, and the Australian Antarctic Territory.

"Australia’s external territories are unique places and communities that showcase the diverse landscapes and cultures that comprise modern Australia," Mr Pitt said.

"The committee plays an important role in ensuring Parliament’s active oversight of these places, and I’m looking forward to the Committee’s engagement with these parts of Australia."

For more information about this Committee, visit its website.

ends

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) will hold a public hearing for its Review of the Australian Citizenship renunciation by conduct and cessation provisions on August 2.

Committee chair, Andrew Hastie MP, said, "This hearing  will allow the Committee to hear from government agencies and other interested civil society stakeholders as to the operation, effectiveness and implications of sections 33AA, 35, 35AA and 35A of the Australian Citizenship Act 2007. We will consider these issues closely and carefully."

Further information on the inquiry can be obtained from the Committee’s website.          

Public hearing details:

Date: Friday 2 August, 2019
Time: 9am – 3pm
Location: Committee Room 2R1, Parliament House, Canberra

A full program for the hearing can be found here.

ends

CONSUMERS could be the ones to miss out with the Government rushing its bill to end the grandfathering of commissions on investment products

The Financial Planning Association of Australia (FPA) is supporting the phasing-out of commissions on investment products as recommended by the Financial Services Royal Commission, but it claims the Bill introduced by the Government today has no additional details on how this will be done to ensure consumers benefit from the change.

“Removing commissions must result in a genuine reduction in product fees or the rebating of the commissions to consumers, and we haven’t seen details of how the Government expects this will work,” said FPA CEO Dante De Gori.

"Just because a financial planner stops receiving commissions, doesn’t actually mean the consumer stops paying them through their investment fees," he said. "The cost of the commission is embedded in the fees, which is why the rebating and monitoring arrangements are so important."

Retirees could lose even more by giving up favourable tax and pension treatments on their existing investments if they are forced to move to new investment products, with the bill making no provision to prevent this impact, the FPA chief said.

“We are disappointed the Bill allows only 17 months to complete a change that the FPA has recommended could take up to three years if the Government is to avoid unintended consequences for consumers, and the financial services ecosystem," Mr De Gori said.

“More than 50 percent of FPA members have already made the transition and derive no revenue from commissions on investment and superannuation products. So it’s not about whether our members are willing, they are, it’s about making sure the transition is done carefully and diligently to protect the interests of everyone, especially consumers,” Mr De Gori said.

The FPA is urging the Federal Government to provide a full three-year transition period and release further details of the proposed rebating and monitoring scheme so they can be examined by the industry.

About the FPA
The Financial Planning Association of Australia (FPA) represents the interests of the public and Australia’s professional community of financial planners. With a growing membership of more than 14,000 members and affiliates, the FPA is home to Australia’s 5,700 CFP professionals. Building on a 20 plus year legacy, the FPA represents the changing face of the financial planning profession. www.fpa.com.au

ends

THE Tax Practitioners Board (TPB) today welcomed the release of a discussion paper in the review of the TPB and the Tax Agent Services Act 2009 (TASA). This discussion paper follows initial submissions on the terms of reference issued in April 2019.

The review, led by the independent review head, Keith James, looks to assess the effectiveness of the TPB and TASA in regulating tax practitioners.

The newly released discussion paper outlines the preliminary views of Mr James on key matters, including the TPB’s governance arrangements, the registration and education requirements, the TPB’s compliance and sanction powers, and the regulation of tax (financial) advisers.

TPB CEO, Michael O’Neill said the board has worked closely with the reviewer, Mr James, to provide all the information needed to support the review.

"The TPB embraces the opportunities presented by this review," Mr O'Neill said. "The discussion paper outlines our preliminary views on certain matters and these have been provided to assist in informing the discussion paper and consultation process.

"From the review, we hope to see law reform that strengthens our role to support and protect the public, including consumers of tax services, to ensure tax advisers act lawfully and ethically, and enhance community confidence in the integrity of the tax system."

All parties with an interest in the review are urged to make a submission on the discussion paper, found at Treasury’s website www.treasury.gov.au/review/tax-practitioners-board

Submissions close on 30 August 2019.
 

About the Tax Practitioners Board:

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow TPB on Twitter @TPB_gov_au, Facebook and LinkedIn.

ends