In a video posted on the Tax Practitioners Board (TPB) website, Board Chairman Ian Taylor provided an overview of the regulation of tax (financial) advisers from 1 July 2014. Mr Taylor said a tax financial advice service must consist of 5 key elements as follows
It must be a tax agent service (excluding representations to the Tax Commissioner).
- It is provided by an Australian financial services (AFS) licensee or representative.
- It is provided in the course of advice usually given by an AFS licensee or representative.
- It relates to ascertaining or advising about liabilities, obligations or entitlements that arise, or could arise, under a taxation law.
- It is reasonable expected to be relied upon by the client for tax purposes.
Further information is on the Board’s website.
[LTN 70, 11/4/14]