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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?

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

Does an employee representative need to be registered?

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

Why do I have to register with the TPB when I am already registered with ASIC?

I registered as a tax (financial) adviser under the transitional option, what do I need to do to meet the standard requirements to renew?

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

Is CPE the same as CPD?

Does my AFS licensee need to be registered even if it is my own company and licence?

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

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 with the Tax Practitioners Board (TPB) 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?
 

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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How do I gain 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.

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

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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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.
 

Why do I have to register with the TPB when I am already registered with ASIC?

The TPB regulates the provision of tax advice. If you advise your clients about the tax consequences of any element of the financial advice you give to your clients, you are providing a tax (financial) advice service and where this advice is provided for a fee or other reward, you must be registered with the TPB. Your licence or authorisation with ASIC is to provide financial product advice, not tax advice.

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I registered as a tax (financial) adviser under the transitional option, what do I need to do to meet the standard requirements to renew?

You must meet the standard qualifications and experience requirements when you renew. You may need to undertake further study now to be ready to meet the qualification requirements when you are due to renew. You should review what you need now so you have time to make sure you will be eligible.
 

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

Please send an email to qualifications [at] tpb.gov.au (subject: Request%20to%20assess%20qualifications%20for%20tax%20(financial)%20adviser%20registration) . Provide as much details as you have including course details and transcripts. We will review and provide you with feedback.

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

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Is CPE the same as CPD?

Yes - the Tax Agent Services Act 2009 uses the term ‘education’, but you may be more familiar with ‘development’. Both continuing professional education (CPE) and continuing professional development (CPD) describe work-related learning and these acronyms, for TPB purposes, can be used interchangeably.  An exception to this may be practice development training.

For our CPE requirements refer Continuing professional education for tax (financial) advisers


Does my AFS licensee need to be registered even if it is my own company and licence?

Yes. Australian financial services (AFS) licensees that provide tax (financial) advice services for a fee or other reward must be registered with the TPB. If you advise your clients about the tax consequences of the financial advice you provide, you are providing a tax (financial) advice service. If your AFS licence and tax agent company use the same Australian Company Number (ACN), you do not have to register both, however at least one needs to be registered with TPB.

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

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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Last modified: 14 June 2017