Qualifications and experience for tax (financial) advisers

Individuals must meet the qualifications and/or experience requirements to register or renew their registration as a tax (financial) adviser under the standard option. For registration under the transitional option, please see below.

If you gained your registration through the notification process, you cannot renew your registration under the transitional option. You must renew under the standard option.


Decision tree tool

Summary of qualifications and experience requirements

Transitional option

Standard option

Continuing professional education


Decision tree tool

Use our online decision tree tool to check if you satisfy the qualifications and experience requirements under the standard option explained below.

 

Summary of the qualifications and experience requirements

 

*Available until 30 June 2017

 

Download a copy of the summary table as a PDF


Transitional option

If you have not previously gained registration through the notification process, you may apply to register under the transitional option. Under the transitional option, individuals, companies and partnerships must demonstrate that they have 'sufficient experience' to be able to provide tax (financial) advice services to a competent standard.

Sufficient experience means the equivalent of at least 18 months of full-time experience. This experience:

  • must be related to the provision of tax (financial) advice services or tax advice given in the context of financial advice
  • can be accrued at any time before applying to register
  • does not need to be a continuous period of experience.

To demonstrate sufficient experience, you must provide a letter of verification from an appropriate third party who can verify your experience. We suggest you use our letter of verification template.

If you are relying on clients to verify your experience, you must provide verification from two separate clients.

 

If you cannot obtain appropriate verification, a submission must be provided with your registration application outlining your experience and the reasons why a letter of verification could not be provided. We will consider each case on its merits.

For further information refer to our information sheet TPB(I) 25/2015 Applying for registration during the transitional period: Sufficient experience to be able to provide tax (financial) advice services to a competent standard.


Standard option

To apply to register or renew your registration as a tax (financial) adviser under the standard option, individuals will need to, among other things:

  • be, or have been within the preceding 90 days, an Australian financial services (AFS) licensee or a representative of an AFS licensee
  • meet the qualifications and experience requirements under one of the four items 301 to 304.
 

Please select the links below for detailed information about the qualifications and experience requirements under each item.

Item 301 – Tertiary qualifications

To meet the requirements under item 301, you must have:

  • been awarded a degree or a post-graduate award from an Australian tertiary institution (or a degree or award that is approved by the Board from an equivalent institution) in a ‘relevant discipline’
  • completed a Board approved course in commercial law
  • completed a Board approved course in Australian taxation law
  • the equivalent of 12 months of full-time, relevant experience in the preceding five years.

A ‘Relevant discipline’ includes:

  • finance
  • financial planning
  • commerce
  • economics
  • business
  • tax
  • accountancy
  • law.

Item 302 - Diploma or higher award

To meet the requirements under item 302, you must have:

  • been awarded a diploma or higher award from a registered training organisation or an equivalent institution in a ‘relevant discipline’
  • completed a Board approved course in commercial law
  • completed a Board approved course in Australian taxation law
  • the equivalent of 18 months of full-time, relevant experience in the preceding five years.

A ‘Relevant discipline’ includes:

  • finance
  • financial planning
  • commerce
  • economics
  • business
  • tax
  • accountancy
  • law.

Item 303 - Work experience

To meet the requirements under item 303, you must have:

  • completed a Board approved course in commercial law
  • completed a Board approved course in Australian taxation law
  • the equivalent of three years of full-time, relevant experience in the preceding five years.

Item 304 - Membership of professional association

To meet the requirements under item 304, you must:

 

Board approved courses

 

Unless you meet the tax (financial) adviser qualification requirements as the voting member of a relevant professional association (item 304), you will need to have completed:

  • a Board approved course in Australian taxation law (i.e. one unit in taxation law covering the required topics)
  • a Board approved course in commercial law (i.e. one unit in commercial law covering the required topics).

These courses may have been covered in your primary qualification. For lists of Board approved courses refer to:



Relevant experience under the standard option

Under the standard option, relevant experience can include work:

  • as a registered tax agent or tax (financial) adviser
  • under the supervision and control of a registered tax agent or tax (financial) adviser
  • of another kind approved by us

that included substantial involvement in one or more of the types of tax (financial) advice services described in section 90-15 of the Tax Agent Services Act 2009, or substantial involvement in a particular area of taxation law to which one or more of those types of tax (financial) advice services relate.

 

For further information refer to our information sheet TPB(I) 24/2015 Relevant experience for tax (financial) advisers.



Continuing professional education

Registered tax (financial) advisers must undertake continuing professional education (CPE) that meets our requirements to be eligible to renew their registration.

For a summary of CPE requirements please visit Continuing professional education.



Further information



Last modified: 8 August 2016