The Tax Agent Services Amendment (Tax (Financial) Advisers) Regulation 2014 was registered on Wed 23.7.2014, to amend the Tax Agent Services Regulations 2009 to bring financial planners within the regime administered by the Tax Practitioners Board (TPB).
The Regulation does this by prescribing a tailored set of ongoing registration requirements for ‘tax (financial) advisers’, as well as ‘recognised tax (financial) adviser associations’, and listing ‘tax (financial) advisers’ on the register of registered entities and tax practitioners, ie the same way as for BAS agents and tax agents.
The Regulation allows financial planners who provide tax (financial) advice services to register with the TPB with different qualification and experience requirements to tax agents. This recognises that ‘tax (financial) advisers provide’ a subset of the services provided by tax agents. For example, tax (financial) advisers may not make representations to the Commissioner. The qualification and experience requirements have also been tailored to reflect the different nature of the service offered, when compared to tax agents. In addition, the amendments clarify that some services provided by an actuary (or a trustee to members of a trust or a managed investment scheme) are not tax agent services. The Regulation also alters the experience requirements for BAS agents to better account for career disruptions due to extenuating circumstances.
DATE OF EFFECT: The Regulation commences on Thur 24.7.2014.
[LTN 140, 23/7/14]