The Tax Practitioners Board (TPB) has finalised a number of key documents that contain important information for tax (financial) advisers. These include:
- TPB(I)20/2014 What is a tax (financial) advice service?
- TPB(EP) 05/2014 professional indemnity insurance policy requirements for tax (financial) advisers; and
- TPB(EP) 06/2014 continuing professional education policy requirements for tax (financial) advisers.
From 1 July 2014, AFS licensees and authorised representatives who register as tax (financial) advisers are required to maintain PI insurance and complete CPE that meets the TPB’s requirements. The Board says the final policies include relevant examples to assist tax (financial) advisers to understand what is a tax (financial) advice service and ensure compliance with the TPB’s PI insurance and CPE requirements.
Further information on how to notify the Board to become registered as a tax (financial) adviser is available on the TPB website.
Source: TPB media release, 30 June 2014
[LTN 124, 1/7/14]