Notify now to ensure business continuity
Chair of the Tax Practitioners Board (TPB), Mr Ian Taylor, today reminded financial advisers relying on a disclaimer to provide tax (financial) advice services they have less than two months to notify to register with the TPB to ensure they can keep providing these services for a fee or other reward from 1 January 2016.
‘If Australian financial services (AFS) licensees and their authorised representatives are currently using a disclaimer and they want to continue providing tax (financial) advice services for a fee or other reward from
1 January 2016, they should take advantage of the notification option and register before it ends
31 December,’ Mr Taylor said.
‘As soon as you notify, you are automatically registered, so your financial advice business can continue providing tax (financial) advice services until you need to renew your registration in 2017.
'However, if you apply for registration from 1 January 2016, your application needs to be assessed and you are not registered until it is approved. We will process applications as quickly as possible, however it may take several weeks if we need additional information from you or if there are high volumes of applications.’
If AFS licensees and their authorised representatives notify to register as a tax (financial) adviser by
31 December 2015, they will be registered until July 2017. Other benefits include that no application fee will be payable and it will give these entities more time to meet their renewal requirements.
For individuals this means more time to obtain the qualifications and experience, and for partnerships and companies, the sufficient number requirement.
Visit this page for more information: Register as a tax (financial) adviser
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.