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Frequently asked questions for tax (financial) advisers

Frequently asked questions for tax (financial) advisers

Do I need to register as a tax (financial) adviser?

Does my Corporate authorised representative (CAR) need to be registered?

If my CAR is registered, do I need to maintain my individual registration as well?

Does an employee representative need to be registered?

How do I get my educational qualifications assessed to see if they meet the TPB requirements?

How do I gain and demonstrate experience to meet the registration requirements if I am new to the profession?

What is the difference between ‘sufficient experience’ and ‘relevant experience’?

I am trying to register/renew my registration under item 304, but the professional association I am a voting member of is not a TPB recognised association. What should I do?

I am an AFS licensee. Do I need to notify the TPB when an authorised representative joins or leaves my organisation?

Can I sign a Statement of Advice (SoA) if I am not a registered tax (financial) adviser?

 

Do I need to register as a tax (financial) adviser?

If you advise your clients on the tax consequences of any element of the financial advice you provide for a fee or reward, you must be registered with us as a tax (financial) adviser.

If you are already registered as a tax agent you do not need to register as a tax (financial) adviser, however you will need to ensure you are meeting ASIC’s licensing or authorisation requirements.

For further information refer Who needs to register as a tax (financial) adviser?

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Does my Corporate authorised representative (CAR) need to be registered?

If a CAR has the authority to allow it to provide a tax (financial) advice service for fee or reward (this includes amounts payable to the CAR’s AFS licensee), the CAR will need to be registered.  The CAR’s authority is shown on the ASIC register.

For further information refer Who needs to register as a tax (financial) adviser?

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If my CAR is registered, do I need to maintain my individual registration as well?

One of the registration requirements for a CAR (company or partnership) is to have a sufficient number of individuals registered as tax agents or tax (financial) advisers to provide tax (financial) advice services to a competent standard, and to carry out supervisory arrangements. For your CAR to meet this requirement, you may be required to maintain your individual registration. 

For further information about registration requirements, refer to Register as a company or partnership tax (financial) adviser.

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Does an employee representative need to be registered?

Employee representatives don’t need to be registered because they are providing tax (financial) advice services on behalf of their employer and they do not receive a fee or reward (rather a salary, payable by their AFS licensee or CAR). However, an AFS licensee may want an employee representative to register as a tax (financial) adviser to make up the AFS licensee’s sufficient number for their registration.

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How do I get my educational qualifications assessed to see if they meet the TPB requirements?

You can use our online tool to:

  • self-assess your qualifications to determine if they meet our requirements
  • search for Board approved units and courses
  • submit a qualification, course or unit not already approved by the Board.

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How do I gain and demonstrate experience to meet the registration requirements if I am new to the profession?

You can gain the relevant experience:

  • under the supervision and control of a registered tax agent or tax (financial) adviser
  • as an employee of a registered tax agent or tax (financial) adviser.

To demonstrate your relevant experience you must complete a Statement of relevant experience.  If your experience is gained under the supervision of another tax practitioner, they will need to sign your statement.

For further information refer Relevant experience for tax (financial) advisers

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What is the difference between ‘sufficient experience’ and ‘relevant experience’?

If you registered under the transitional registration option, you were only required to provide evidence of ‘sufficient experience’ – the equivalent of 18 month’s full-time experience related to the provision of tax (financial) advice services to a competent standard. When you renew you must meet the ‘relevant experience’ requirements and this involves substantial involvement. Substantial involvement requires more than simply being involved from time to time in the provision of one or more types of tax (financial) advice services.

For further information refer Qualifications and experience for tax (financial) advisers

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I am trying to register/renew my TFA registration under item 304, but the professional association I am a voting member of is not a TPB recognised association. What should I do?

There are a number of recognised tax (financial) adviser and tax agent associations that you could consider becoming a voting member of if your professional association is not one that has been recognised by the TPB.

Further, voting membership of a recognised tax (financial) adviser or tax agent association is just one of the four pathways that individual tax (financial) advisers can use to meet the qualifications and experience requirements for registration. Tax (financial) advisers can also rely on tertiary qualifications, a diploma or higher award, or work experience, combined with Board approved courses and relevant experience.

Read more about registering under one of the four pathways

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I am an AFS licensee. Do I need to notify the TPB when an authorised representative joins or leaves my organisation?

Generally, if an authorised representative either joins or leaves your organisation, you do not need to advise us as long as you have notified ASIC. We will receive this information from ASIC.

However, you must let us know if:

  • one or more individual authorised representatives who formed part of your sufficient number leaves your organisation and it results in your organisation no longer meeting the sufficient number requirement
  • more authorised representatives are added to your AFS licence and on reassessment you have determined that the sufficient number you previously determined is no longer appropriate.

For further information on sufficient number requirements, refer to Supervision and control - tax (financial) advisers

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Can I sign a Statement of Advice (SoA) if I am not a registered tax (financial) adviser?

You cannot sign a SoA in your own right if you are not registered with the TPB. However, employees of a registered tax (financial) adviser can sign a SoA on behalf of their employer, because it is the employer who is the actual provider of the SoA.

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Last modified: 22 October 2019