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02 Jun 14 Notify as a tax (financial) adviser from 1 July 2014

The Tax Practitioners Board (TPB) advises that, from 1 July 2014, financial advisers who provide tax advice can notify the TPB and become registered as tax (financial) advisers.

The notification period begins on 1 July 2014 and runs for 18 months until 31 December 2015. During this notification period, Australian financial services (AFS) licensees and their authorised representatives who provide tax (financial) advice services will need to either:

  • notify the TPB to become registered as tax (financial) advisers, or
  • use a relevant disclaimer when they provide tax (financial) advice services for a fee or other reward.

AFS licensees will soon receive a letter from the TPB with login details to access the online notification form. AFS licensees will be able to notify for registration on behalf of their authorised representatives.

The notification period is the first part of a phased approach to the regulation of tax (financial) advice. The phased approach continues until 1 July 2017. The TPB will continue to work consultatively with stakeholders to assist the profession to comply with the new regulatory framework.

Future consultation will cover areas including sufficient number requirements, fees and other rewards as well as qualification and experience requirements once these are finalised by The Treasury.

For more information, including a video providing an overview of tax (financial) advice services and the TPB’s regulation of tax (financial) advisers, go here.

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