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24 Jul 14 Tax Agent Services Amendment (Tax (Financial) Advisers) Regulation 2014 made

Tax Agent Services Amendment (Tax (Financial) Advisers) Regulation 2014 was made on 22 July 2014 and registered on the Federal Register of Legislative Instruments on 23 July 2014 as Select Legislative Instrument No 115, 2014.

The following is extracted from the Explanatory Statement.

The Regulation gives effect to the changes to the Tax Agent Services Act 2009 contained in the Tax Laws Amendment (2013 Measures No 3) Act 2013, and brings financial planners within the regime administered by the Tax Practitioners Board (the Board). The Regulation does this by prescribing registration requirements for tax (financial) advisers, and also sets out a number of other changes, which are designed to bring tax (financial) advisers in line with other entities regulated by the Board.  These, for example, include changes to recognise tax (financial) adviser associations, and list tax (financial) advisers on the register of registered and deregistered entities.

The Regulation allows financial planners who provide tax (financial) advice services to register with the Board with different qualification and experience requirements to tax agents.  This recognises that tax (financial) advisers provide a subset of the services provided by tax agents.  For example, tax (financial) advisers may not make representations to the Commissioner of Taxation.  The qualification and experience requirements are tailored to reflect the different nature of the service offered, when compared to the service offered by tax agents.

The Regulation also makes a number of other amendments to bring tax (financial) advisers within the regime administered by the Board.  These include allowing the Board to recognise tax (financial) adviser associations, and requiring the listing of tax (financial) advisers on the Board’s register of registered and deregistered tax practitioners.

In addition, the Regulation clarifies that some services which are provided by an actuary are not a tax agent service.  Similarly, the Regulation specifies that services provided by a trustee to members of a trust or a managed investment scheme are not tax agent services.

The Regulation also alters the experience requirements for BAS agents to better account for career disruptions due to extenuating circumstances.

The Regulation commences the day after its registration (that is, on 24 July 2014).

For a copy of the Explanatory Statement, click on the Explanatory Statement tab.


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