From 1 July 2014 the regulation of financial advisers who provide tax advice in relation to licensed financial services will be progressively introduced over a three year period, overseen by 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.
If you registered as a tax (financial) adviser with the TPB under the notification option your registration will expire between 31 July 2017 and 31 January 2018 depending on when you first registered.
Access a summary of your options and requirements and find out more on renewing your tax (financial) adviser registration.
Registered tax agents
If you are a registered tax agent, you do not need to notify to register as a tax (financial) adviser.
If you are also an authorised representative of an AFS licensee, please inform them of your existing registration with the TPB and that they do not need to notify on your behalf.
Tax Practitioners Board resources