The Tax Laws Amendment (2013 Measures No 3) Act 2013 has amended the Tax Agent Services Act 2009 (TASA) so that, from 1 July 2014, financial advisers who provide tax (financial) advice can register with the Tax Practitioners Board (TPB).
Ian Taylor, Chair of the TPB, said the Board has been consulting with industry and stakeholders on a number of issues and will continue to do so over the next 12 months to help prepare for this change. He said the TPB has been listening to the issues stakeholders have raised in regard to the regulation of tax (financial) advisers and formed a list of topics to cover in our consultation. These include:
- how tax (financial) advisers will register with the TPB;
- the TPB’s professional indemnity insurance requirements;
- the TPB’s continuing professional education requirements;
- the TPB’s education, qualification and experience requirements;
- determining the ‘sufficient number’ requirement for partnerships and companies.
The TPB will provide details about consultation sessions on its website when it has more information, Mr Taylor said.
Source: TPB media release, 12 July 2013
[LTN 135, 16/7/13]