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Financial planners: only three months left for transitional registration

28 March 2017

Media Release

Financial planners: only three months left for transitional registration

Member of the Tax Practitioners Board (TPB) and financial planner, Ms Julie Berry, has reminded industry colleagues that if they have not yet registered with the TPB, they only have three months to apply for transitional registration, ending on 30 June 2017.

Addressing an industry conference on the Sunshine Coast last week, Ms Berry said financial planners and advisers providing tax (financial) advice services as part of their financial advice to clients for a fee or reward must be registered with the TPB as a tax (financial) adviser. If they are not registered with the TPB they are operating illegally.

Ms Berry explained that two options are currently available to register as a tax (financial) adviser, transitional registration and standard registration.

‘Any entity that selects the transitional option must apply for registration by 30 June 2017 because from 1 July 2017 only the standard option will be available,’ she said.

‘Applicants, whether they are individuals, companies or partnerships, will need to have sufficient experience to be able to provide tax (financial) advice services to a competent standard and we consider this to be:

  • equivalent of 18 months or longer of full-time experience - does not need to be continuous 
  • experience must be related to tax (financial) advice services or tax advice given in the context of financial advice
  • ‘competent standard’ means they possess the skill, ability and knowledge required to perform a tax (financial) advice service so that clients can entrust their financial and tax affairs to the adviser
  • ability to meet professional indemnity insurance requirements and be fit and proper.

‘Individuals, if their registration is approved, will be registered for at least three years from the day the TPB makes its decision,’ she said. ‘This then gives the individual at least three years to meet the full registration requirements, while also forming the sufficient number for their company or partnership’s registration if required.’

Ms Berry said some of the benefits of registering under the transitional option include:

  • less documentation required than under the standard registration
  • time to obtain qualifications, such as education, if required
  • having until July 2020 to meet the full standard requirements.

About the Tax Practitioners Board:

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.

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