Advisers who are a relevant provider and a registered tax agent now satisfy the definition of a ‘qualified tax relevant provider’ without having to meet the requirements of Division 3 of Part 3 of the Relevant Providers Determination, according to an update from ASIC.
This follows the commencement of the Treasury Laws Amendment (2023 Measures No. 3) Act 2023.
ASIC updated the Financial Advisers Register on a one-off basis on 3 November to denote that affected individuals can provide tax (financial) advice services to retail clients.
The regulator also wrote to affected individuals and their Australian financial services licensees to notify them before the update was made.
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