AFS licensees can become registered as a ‘tax (financial) adviser’ by notification to the TPB [92]

The Tax Practitioners Board (TPB) has released information on a notification option for becoming registered as a tax (financial) adviser. Under the notification option, there are no application fees payable, individuals do not need to meet education and experience requirements, and partnerships and companies do not need to meet the sufficient number requirement. The Board…

TPB issues consultation documents on what is a ‘tax (financial) advice service’? and on the CPE and PI requirements for such services [91]

The Tax Practitioners Board (TPB) on Fri 7.3.2014, released for comment Exposure Draft Information Sheet TPB(I)D20/2014 (What is a tax (financial) advice service?). From 1 July 2014, entities that provide tax (financial) advice services for a fee or other reward may start registering with the TPB. The Draft Information Sheet aims to assist entities to determine if they are…

Re Ayles and Tax Practitioners Board – Tax agent registration refused; humanities degree (religious emphasis) not relevant to tax agent services [90]

An applicant has been unsuccessful before the AAT in seeking to overturn the decision of the Tax Practitioners Board (TPB) refusing his application to be registered as a tax agent. The applicant provided he would be content for his registration to be made conditional upon him being permitted only to prepare individual tax returns, including…

Re-stating and centralising special conditions for tax concession entities: draft legislation released [85]

Treasury on Wed 12.3.2014, released for comment draft legislation and draft regulations to implement the 2009-10 Budget proposal to re-state and centralise the special conditions for tax concession entities. In December 2013, the Government had announced that it would proceed with the proposal. The changes propose to: re-state the “in Australia” special conditions for income tax exempt…

*Social Services and Other Legislation Amendment Bill 2013 amended: charities amendments deleted so 1 January 2014 start date remains [84]

The Social Services and Other Legislation Amendment Bill 2013 was passed by the Senate on Wed 5.3.2014, with Govt and Opposition amendments and now must go back to the House of Reps for consideration of those amendments. The amendments concern, among other things, the commencement of measures in the Bill regarding FTB and eligibility rules,…