Exposure drafts open for comment
Sufficient number and fee or other reward for tax (financial) advisers
The Tax Practitioners Board (TPB) is seeking comment on two exposure drafts addressing:
- the sufficient number requirement for partnership and company registered tax (financial) advisers
- the meaning of ‘fee or other reward’ for tax (financial) advisers.
The exposure drafts set out the preliminary views of the TPB and aim to assist entities to understand the TPB’s approach to these requirements.
The first exposure draft explains the sufficient number requirement which will need to be met by partnerships and companies seeking registration, or renewal of registration, as a (tax) financial adviser under the standard option from 1 January 2016.
The TPB will consider whether the partnership or company has an appropriate number of registered individual tax agents and/or tax (financial) advisers to provide tax (financial) advice services to a competent standard and to carry out supervisory arrangements.
The second exposure draft will assist entities to determine what constitutes a fee or other reward.
From 1 January 2016 any entity providing tax (financial) advice services for a fee or other reward will need to be registered with the TPB. If they are not, they will contravene the civil penalty provision in the Tax Agent Services Act 2009.
Further information about the Tax Practitioners Board
The TPB 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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