25 Mar 13 Proposed taxation law course for tax (financial product) advisers
In a media release issued on 22 March 2013, the Tax Practitioners Board (TPB) announced that it has published an exposure draft proposed guideline ("draft guideline") (TPB(PG) D04/2013) outlining the proposed requirements for a course in Australian taxation law for tax (financial product) advisers.
This follows the release by Treasury, on 8 February 2013, of exposure draft legislation and an accompanying short paper outlining the framework for the proposed regulation of tax (financial product) advisers by the TPB. Under the proposed regulatory framework, from 1 July 2013 any entity providing tax advice (financial product) services will need to register under transitional arrangements with the TPB.
Once relevant transitional arrangements expire, one of the proposed registration requirements will be for individuals to have completed a course in Australian taxation law that is approved by the TPB.
The draft guideline includes information about topics and learning outcomes, course duration, course providers, education level and assessment. It is recognised that eligibility requirements are not yet settled and could affect the final form of the draft guideline.
The TPB draft guideline is open for comment until 21 May 2013.