Tax (financial) advice services

From 1 July 2014 the regulation of financial services that 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:

  1. a tax agent service (excluding representations to the Commissioner of Taxation)
  2. provided by an Australian financial services (AFS) licensee or representative of an AFS licensee
  3. provided in the course of advice usually given by an AFS licensee or representative
  4. relates to ascertaining or advising about liabilities, obligations or entitlements that arise, or could arise, under a taxation law
  5. reasonably expected to be relied upon by the client for tax purposes.

The TPB have a number of information sheets to provide further information for tax (financial) advisers:

The following table summarises the options and the key requirements to become a registered tax (financial) adviser.


Notification option
No longer available

Transitional option
1 January 2016 – 30 June 2017

Standard option
1 January 2016 onwards

Application fee payable 

No

Yes

Yes

Must meet experience requirements

No

Yes

Yes

Must meet education requirements

No

No

Yes

Must provide evidence of meeting the fit and proper

No

Yes

Yes

Code of Professional Conduct applies once registered

Yes

Yes

Yes

Importantly, the earlier you notify the TPB, the longer your registration period will be meaning you will have more time to make sure you meet the standard eligibility requirements when you renew your 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.