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Frequently asked questions for tax (financial) advisers

Frequently asked questions for tax (financial) advisers

How long will it take to process my registration renewal application?

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

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

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

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

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

Does an employee representative need to be registered?

Is CPE the same as CPD?

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?

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

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


How long will it take to process my registration renewal application?

We are currently experiencing processing delays due to a large volume of applications (new and renewal) on hand. We are trying to process them as quickly as possible. We will advise you as soon as a decision is made on your renewal application.

Importantly though, as long as you have submitted your renewal application and paid the application fee on time, you remain registered until we make a decision on your application, so you can continue operating your business.

Find out more about our current application processing times.

 

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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I am trying to register/renew my TFA registration under item 304, but the professional association I am a voting member of is not listed on the TPB’s website as a 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.

If your registration expires on 31 January 2018 and you need to complete Board approved courses but have not yet commenced your studies, or your application to become a voting member of another recognised professional association has yet to be finalised, you should contact us on 1300 362 829 now to discuss your situation.

Read more about registering under one of the four pathways

 

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
 

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.
 

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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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
 

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 provide details of the qualification you want to have assessed via our online Qualifications assessment form. We will review and provide you with feedback.

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


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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
 

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: 13 December 2017