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Don’t miss out on TPB transitional registration option - ends Friday 30 June

Don’t miss out on TPB transitional registration option - ends Friday 30 June

Chair of the Tax Practitioners Board (TPB), Mr Ian Taylor, today reminded financial advisers they have only three weeks left to register under the transitional option before it ends on Friday 30 June.

Importantly, any tax adviser that is advising about the tax consequences of the financial advice provided for a fee must be registered with the TPB, otherwise they are operating illegally.

‘Until 30 June two options are still available for registration as a tax (financial) adviser: transitional registration and standard registration,’ Mr Taylor said. ‘However, from 1 July 2017 only the standard registration option will be available.’

Mr Taylor said that benefits of registering under the transitional option include:

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

The transitional option will also assist Australian financial services licensees and corporate authorised representatives meet the sufficient number requirement they need to renew their registration with the TPB.

Since transitional and standard registration commenced in January 2016 the TPB has processed over 3,000 new tax (financial) adviser applications. This is in addition to applicants who previously notified to register, bringing the current total population of registered tax (financial) advisers to over 21,000.

‘In the past month we have seen a significant increase in the number of tax (financial) adviser applications received by the TPB with over half of those being for transitional registration,’ Mr Taylor said.

‘We are pleased that so many financial advisers have taken advantage of the opportunity to register under the transitional option while it is still available.’

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.

Follow us on Twitter @TPB_gov_au and LinkedIn

Friday, June 9, 2017