Australian financial services (AFS) licensees and representatives who provide tax (financial) advice services for a fee or other reward must now be registered with the Tax Practitioners Board (TPB) [as of 1 Jan 2016]. They can no longer rely on a disclaimer to provide these services while unregistered.
The TPB Chair, Ian Taylor, advises that over 18,891 AFS licensees and their authorised representatives registered with the TPB under the notification option between July 2014 and December 2015. There are now two options to register as a tax (financial) adviser:
• transitional registration – available until 30 June 2017
• standard registration.
Under the transitional option, applicants must demonstrate sufficient experience to be able to provide tax (financial) advice services to a competent standard. The transitional option allows a further three years to meet standard requirements, which must be satisfied upon renewal of registration.
Under the standard option, individuals must meet qualifications and relevant experience requirements while partnerships and companies need to have a sufficient number of registered individual tax (financial) advisers or tax agents to provide tax (financial) advice services to a competent standard and carry out supervisory arrangements.
Find out more about the transitional or standard registration options for tax (financial) advisers at advisers
[TPB media release 7/1/16] [LTN 6, 12/1/16]