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Death of a tax (financial) adviser

Death of a tax (financial) adviser

When a registered tax (financial) adviser dies, their registration with the TPB must be terminated.

Following the death of a registered tax (financial) adviser, it is important that the executor, next of kin or other representative notify us. 

We appreciate that this is a difficult time and our procedures are designed to assist you in making appropriate arrangements in relation to the tax (financial) adviser’s practice.
 

How should you notify us

Complete our online form to notify the death of a registered tax (financial) adviser.

 

What happens after you notify

When we receive advice about the death of a tax (financial) adviser, we will:

  • write to the executor of the estate advising the date when the registration of the tax (financial) adviser will cease, which is usually 60 days after the date of our written notice to the executor
  • terminate the tax (financial) adviser’s registration on the advised date
  • notify the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission of the date that the registration will cease and the reason for termination
  • publish the notice of cessation of the tax (financial) adviser’s registration in the Government Notices Gazette
  • record the termination of the tax (financial) adviser’s registration on the TPB Register which will remain for a period of 12 months from the date the registration ceases.


What should be done with client files?

The maintenance of client files of the deceased tax (financial) adviser will depend on:

  • any estate planning directives in place
  • the structure of the deceased tax (financial) adviser's business.

Some businesses will cease when a tax (financial) adviser dies, some will transition to a new registered tax (financial) adviser and others can continue to operate because other registered tax (financial) advisers or tax agents within the business provide adequate supervision and control.

The executor should notify the tax (financial) adviser's clients about the death and obtain the clients' permission before transferring client information to a third party.


Further information 

If you need any further information or assistance please contact us.

 

Last modified: 18 July 2018