One in five tax (financial) advisers may lose their TPB registration and put their business at risk
Around one in five tax (financial) advisers may not know their Tax Practitioners Board (TPB) registration is about to expire on 31 October and that they will no longer be able to legally charge for the tax advice they provide.
Chair of the TPB, Mr Ian Taylor, said that of the 1,100 renewal reminder emails sent to tax (financial) advisers whose registration expires on 31 October, 18 per cent were undeliverable because the email address was invalid.
‘These tax (financial) advisers registered under the notification option back in 2015, which meant they only needed to provide basic details at the time,’ said Mr Taylor.
‘If they changed jobs or email addresses and did not update their details or mobile number with the TPB, their registration is in jeopardy because they haven’t received our renewal reminders.’
‘The Tax Agent Services Act 2009 also requires registered tax practitioners to notify the TPB within 30 days of their contact details changing,’ Mr Taylor said.
With a further 13,700 tax (financial) adviser registrations due to expire on 31 January, the TPB is encouraging all tax (financial) advisers to ensure their email address and mobile number are up to date at MyProfile.tpb.gov.au
‘With so many tax (financial) adviser registrations due to expire between now and January, it’s important that you act now and check that your contact details are up to date,’ Mr Taylor said. ‘If you are an Australian financial services (AFS) licensee, remind your authorised representatives to update their details.’
‘It’s a simple thing but it could just save your registration and business.’
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.