The Tax Practitioners Board (TPB), on Fri 17.4.2015, released a finalised Information Sheet, TPB(I) 25/2015, on Applying for registration during the transitional period: Sufficient experience to be able to provide tax (financial) advice services to a competent standard.
Between 1 January 2016 and 30 June 2017 (transitional period), entities seeking registration as a tax (financial) adviser under the “transitional option” will need to satisfy the TPB that, among other things, they have sufficient experience to be able to provide tax (financial) advice services to a competent standard.
TPB(I) 25/2015has been prepared by the Board to assist entities in understanding the TPB’s approach to this requirement. The TPB considers that the equivalent of 18 months or longer of full-time experience would satisfy the “sufficient experience” requirement and anything less would need to be considered by the TPB on a case-by-case basis.
The Board also released Information Sheet TPB(I) 24/2015 on Relevant experience for tax (financial) advisers. From 1 January 2016, entities will be able to seek registration (including renewal of registration) as a tax (financial) adviser under the “standard option”. Information Sheet TPB(I) 24/2015 seeks to assist individuals to understand the TPB’s approach to the meaning of “relevant experience” for the purpose of registration as a tax (financial) adviser under the standard application option.
[LTN 72, 17/4/15]
TPB(I) 24/2015 – scope
The Information sheet is broken into segements to deal with each of the following classes of experience mentioned in the Act.
4. ‘Relevant experience’ is defined in Item 305 of Schedule 2, Part 3, Division 2 of the Tax Agent Services Regulations 2009 (‘TASR’) to mean work by an individual:
(a) as a registered tax (financial) adviser; or
(b) as a registered tax agent; or
(c) under the supervision and control of a registered tax (financial) adviser;
(d) under the supervision and control of a registered tax agent; or
(e) of another kind approved by the Board;
that included substantial involvement in one or more of the types of tax (financial) advice services described in section 90-15 of the TASA, or substantial involvement in a particular area of taxation law to which one or more of those types of tax (financial) advice services relate.