Deadline looms for transitional registration of tax advisers

Kate Cowling

By

May 24, 2017

The Tax Practitioners Board has written to 5000 Australian Financial Services licensees to remind them they have only a few weeks to register under transitional arrangements if they wish to provide tax-related financial advice or they’ll need to meet higher standards if registering after July 1.

With transitional arrangements due to expire on June 30, the TPB is receiving about 100 applications a week from advisers who provide advice with tax consequences or wish to in the future.

This follows a mail campaign to remind planners it is illegal to provide tax-related advice without being registered with the TPB. The board also sent reminders to 1085 licensees to let them know their corporate and individual representatives also had to be registered if they provided tax advice for fee or reward.

To be eligible for transitional registration, advisers must have at least 18 months’ experience advising on tax matters “to a competent standard” and must also pass the ‘fit and proper person’ test.

The TPB told Professional Planner applications could be delayed if “insufficient information is provided to verify the experience”.  Part of the verification process includes a letter from a third party – for example an employer – to demonstrate at least 18 months of work experience advising on tax-related matters. Advisers can use clients to confirm their experience but need at least two.

Under the standard registration stream – the only option for non-registered tax financial advisers from July 1 – advisers will need to have either related tertiary qualifications, a diploma or higher award, relevant work experience (equivalent to three years) or membership with an approved association. The specific requirements are listed here.


TOPICS:  Australian Financial Services licenseestax financial advisers,

 Tax Practitioners Boardtransitional arrangements