Go to top of page

Notify as a tax (financial) adviser from 1 July

Sunday, June 1, 2014

Notify as a tax (financial) adviser from 1 July

There is one month until 1 July, when financial advisers who provide tax advice can notify the Tax Practitioners Board (TPB) and become registered as a tax (financial) adviser.

The notification period begins on 1 July 2014 and ends on 31 December 2015. During this notification period, Australian financial services (AFS) licensees and their authorised representatives who provide tax (financial) advice services will need to either:

  • notify the TPB to become registered as a tax (financial) adviser, or
  • use a relevant disclaimer when they provide tax (financial) advice services for a fee or other reward.

Australian financial services (AFS) licensees will soon receive a letter from the TPB with login details to access the online notification form. AFS licensees will be able to notify for registration on behalf of their authorised representatives.

Ian Taylor, Chair of the TPB, said “The 18-month notification period begins in one month on 1 July.  All AFS licensees should be considering whether they and their authorised representatives will notify the TPB to become a registered tax (financial) adviser.”

“The notification period is the first part of a phased approach to the regulation of tax (financial) advice. The phased approach continues until 1 July 2017. The TPB will continue to work consultatively with stakeholders to assist the profession to comply with the new regulatory framework.” said Mr Taylor.

Future consultation will cover areas including sufficient number requirements, fees and other rewards as well as qualification and experience requirements once these are finalised by The Treasury.

For further information to help financial advisers prepare for the notification phase starting from 1 July 2014:

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. The TPB is working jointly with the Australian Securities and Investments Commission to manage the changes to the registration and regulation of tax (financial) advisers which come into effect from 1 July 2014.

Contact: communications [at] tpb.gov.au (Communications) or 02 6216 3897

Follow us on Twitter @TPB_gov_au