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Ding dong, the annual TCF paperwork is dead!

July 1, 2013 Corporate, Headline News 1 Comment Email Email

egtmedia59News that travel agents will not be required to submit an Annual Financial Review (AFR) to the Travel Compensation Fund (TCF) for the 2012/13 financial year will “delight travel agents across the country”, says AFTA chief executive Jayson Westbury. But you still need to hold a licence to trade as an agent, until 1 July 2014. 

The Travel Industry Transition Plan (TITP) has released the newly amended trust deed and Westbury says it confirms what AFTA was expecting.

The change relates only to the TCF’s auditing requirements and does not affect agents’ financial auditing obligations under any other legislation or IATA accreditation, which will continue unchanged, AFTA points out.

Travel agents will need to maintain their TCF participation until 1 July 2014, when the requirement to hold a licence to carry on business as a travel agent is scheduled to be removed. However, they will not be required to comply with the financial criteria, AFTA advises.

Furthermore, if an agency has a bond with the TCF, arrangements to release this obligation are underway.

“This change will reduce red tape and a significant cost burden for travel agents which is welcome news to the industry at large” Westbury said.

“AFTA continues to develop a modern, industry led, accreditation scheme and the draft framework and criteria has now been approved by the AFTA Board ahead of industry consultation workshops scheduled for August.”

The Travel Industry Transition Plan continues to roll out with Ministers meeting in early July to consider AFTA’s funding proposal for a voluntary industry accreditation scheme.

Edited by Peter Needham

Currently there is "1 comment" on this Article:

  1. Dan Nebauer says:

    Whilst I was initially in favor of the changes including the cessation of the TCF, there are unanswered questions:

    1. Will what ever replaces TCF provide the Australian travelling public with the same sort of cover that TCF provided?

    2. Will whatever replaces TCF also provide Australian based wholesalers and retailers with that big edge against overseas based suppliers – IE, Australian sources can offer some form of protection to the travelling public that off shore based travel sellers cannot at present – this marketing ‘edge’ needs to be protected? And

    3. The big question – why do state governments and other ‘projects’ get their hands on funds that have been paid in by Australian travel agents and wholesalers?

    This last point is a real travesty and AFTA should have protected our investments in TCF accordingly. It is absolutely appalling that these funds are not to be returned to the people who provided them! This decision should be reveresed and reversed now before these funds are dissapated to underserving state governments and ‘projects’ that have not been sort by thiose who funded TCF.

    Dan Nebauer, Director
    InterAsia Tours

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