Tax (financial) advisers
If you are a financial adviser and provide tax advice or advice on tax consequences as part of your advice to clients for a fee or reward, you must be registered with the Tax Practitioners Board (TPB).
A tax (financial) advice service consists of five key elements:
- a tax agent service (excluding representations to the Commissioner of Taxation)
- provided by an Australian financial services (AFS) licensee or representative of an AFS licensee
- provided in the course of advice usually given by an AFS licensee or representative
- relates to ascertaining or advising about liabilities, obligations or entitlements that arise, or could arise, under a taxation law
- reasonably expected to be relied upon by the client for tax purposes.
Requirements for registration
To register as a tax (financial) adviser, you must:
- be at least 18 years old
- be a fit and proper person
- maintain, or will be able to maintain, professional indemnity insurance that meets our requirements
- meet the qualifications and relevant experience requirements. This includes that you are, or have been, an Australian financial services (AFS) licensee or a representative of an AFS licensee within the 90 days preceding your application.
To register, you must complete an online application and provide relevant supporting documentation. The current application fee is $540, which must be paid in full before you submit your application.
If your application is successful, you will be registered for at least three years from the date of approval.
Company or partnership tax (financial) adviser
All AFS licensees and their representatives who provide tax (financial) advice services for a fee or other reward must be registered with us. ‘Representative’ includes:
- an authorised representative of the licensee, which may be:
- an individual
- a body corporate (or a corporate authorised representative)
- a partnership
- a group of individuals and/or bodies corporate that are the trustees of a trust
- an employee or director of the licensee
- an employee or director of a related body corporate of the licensee
- any other person acting on behalf of the licensee.
There are additional requirements for registration, including that the company or partnership must have a sufficient number of individuals registered as tax agents or tax (financial) advisers to provide tax (financial) advice services to a competent standard, and to carry out supervisory arrangements.
Registered tax agents
If you are a financial adviser and registered tax agent, you do not need to register as a tax (financial) adviser.
Please inform your AFS licensee of your existing registration.
Tax Practitioners Board resources