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Continuing professional education for tax (financial) advisers

Continuing professional education for tax (financial) advisers

When renewing your registration, you must have completed continuing professional education (CPE) that meets our requirements.

Complying with our CPE requirements will assist you to maintain knowledge and skills relevant to the tax (financial) advice services you provide, which is one of your obligations under the Code of Professional Conduct.

You should maintain a record of your CPE activities. We may request you to provide evidence of CPE that you have completed at any time throughout your registration period, including when we are considering your renewal application.

Number of CPE hours for tax (financial) advisers

Types of activities that count for CPE

Recording CPE activities

Special circumstances that affect your CPE

Recognition of your association’s CPE requirements
 

Number of CPE hours for (financial) advisers

You must complete a minimum of 60 hours of CPE within a standard three year registration period, with a minimum of seven hours each year.

If you have a condition on your registration, you must complete a minimum of 45 hours of CPE within a standard three year registration period, with a minimum of five hours each year.

If your registration period is other than three years, you should complete CPE on a pro-rata basis.

Types of activities that count for CPE

You must exercise your professional judgment in selecting relevant activities to count towards your CPE. We do not accredit CPE activities or prescribe particular topics for CPE activities.

For types of CPE activities we consider appropriate refer to CPE activities.

Recording CPE activities

You should maintain a record and evidence of the CPE activities that you have completed, including the details of the activities and the hours undertaken.

We may request evidence or confirmation of the CPE activities that you have completed. This may require you to provide a copy of your CPE log. We have developed a CPE log that you may like to use to assist with your record keeping requirements.

If you maintain a CPE log to satisfy membership requirements of a relevant recognised professional association, you do not need to keep an additional record for TPB purposes.

Records of your CPE should be kept for six years, unless you are a member of a relevant recognised professional association in which case records should be kept in accordance with the requirements of the relevant association.

Special circumstances that affect your CPE

There may be extenuating circumstances where you are unable to complete the minimum hours of CPE. If you experience such circumstances, you should exercise your professional judgment in this regard and keep appropriate records in relation to your situation.

Examples of situations where it might not be possible for you to complete the minimum amount of CPE hours include:

  • illness
  • disability
  • financial or other hardship.

In these types of circumstances, we will consider appropriate relief from the minimum amount of CPE hours, provided you can demonstrate that you have attempted to use the flexibility of your CPE period to manage any extenuating circumstances to comply with our CPE requirements.

Recognition of your association's CPE requirements

If you are a member of a recognised professional association your compliance with the association’s CPE requirements will be accepted as meeting our CPE requirements, subject to the CPE activities:

  • being relevant to the tax (financial) advice services you provide
  • being provided by persons or organisations with suitable qualifications and/or practical experience in the subject area
  • meeting our minimum amount of CPE hours as mentioned above.

Example: CPE must be relevant to the services you are registered to provide

Tim is a registered tax (financial) adviser and a member of Tax World, a recognised tax (financial) adviser association. As a member of Tax World, Tim is required to complete 60 hours of CPE over three years. Tim’s practice primarily deals with superannuation and life insurance matters. Tim attends a CPE seminar provided by Tax World in relation to its potential merger with an international accounting association. As this seminar is not relevant to the tax (financial) advice services provided by Tim, the seminar would not be considered to be relevant CPE.

Further information

For more information refer to: