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Government extends carve out for financial advisers until 30 June 2014

Friday, July 12, 2013

Government extends carve out for financial advisers until 30 June 2014

The Government has passed legislation making amendments to the Tax Agent Services Act 2009 (TASA). From 1 July 2014 financial advisers who provide tax (financial) advice can register with the Tax Practitioners Board (TPB). 

The TPB currently regulates tax and BAS agents. The legislative amendments ensure all forms of tax advice will be consistently regulated, regardless of whether it is provided by a tax agent, BAS agent or an entity in the financial services industry.

Ian Taylor, Chair of the TPB said "The TPB has been consulting with industry and stakeholders on a number of issues and will continue to do so over the next 12 months to help prepare for this change. This consultative approach will help the TPB understand key issues for stakeholders and provide guidance in developing policies."

The TPB has been listening to the issues stakeholders have raised in regard to the regulation of tax (financial) advisers and formed a list of topics to cover in our consultation. These include:

  • how tax (financial) advisers will register with the TPB
  • the TPB's professional indemnity insurance requirements
  • the TPB's continuing professional education requirements
  • the TPB's education, qualification and experience requirements
  • determining the ‘sufficient number' requirement for partnerships and companies.

The TPB will provide details about consultation sessions on our website when we have more information.