The Tax Practitioners Board (TPB) has finalised a number of key documents that contain important information for tax (financial) advisers. These include what is a tax (financial) advice service, professional indemnity (PI) insurance requirements, and continuing professional education (CPE) for tax (financial) advisers.
From 1 July 2014, AFS licensees and authorised representatives who register as tax (financial) advisers are required to maintain PI insurance and complete continuing professional education that meets the TPB’s requirements.
The final policies include relevant examples to assist tax (financial) advisers to understand what is a tax (financial) advice service and ensure compliance with the TPB’s PI insurance and CPE requirements.
- TPB(I)20/2014 What is a tax (financial) advice service?
- TPB(EP) 05/2014 professional indemnity insurance policy requirements for tax (financial) advisers
- TPB(EP) 06/2014 continuing professional education policy requirements for tax (financial) advisers
Cynthia Coleman, Acting Chair of the Tax Practitioners Board, said “These key guidance products will assist registered tax (financial) advisers to further understand their obligations under Tax Agent Services Act 2009.”
The TPB released these documents as exposure drafts in March 2014 and invited comments and submissions. The TPB considered the submissions and has now published these final products. We would like to thank those who provided feedback for their contributions to the final documents.
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