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Registered tax (financial) adviser numbers return to 19,000

Registered tax (financial) adviser numbers return to 19,000

The Tax Practitioners Board (TPB) has revealed that as the 31 January renewal deadline for tax (financial) advisers has now passed, the total number of registered tax (financial) advisers now stands at around 19,000.

Chair of the TPB, Ian Taylor explained that ‘just over 19,000 tax (financial) advisers originally registered with the TPB before the notification option ended on 31 December 2015. Of these, around 13,000 tax (financial) advisers applied to renew their registration.’

‘Although approximately 6,000 tax (financial) adviser notifiers did not renew their registration, we have had the same number of new tax (financial) advisers register through the transitional and standard registration options,’ Mr Taylor said.

‘Most of the tax (financial) adviser notifiers that did not renew were no longer representatives of an Australian financial services (AFS) licensee. Others had notified to register when they did not need to, for example, or they did not actually provide tax (financial) advice services.’

Mr Taylor reminded tax (financial) advisers with renewal decisions pending that, with more than 6,400 renewal applications still to be processed, they will remain registered while the TPB considers their renewal application and that the TPB Public Register will show that their renewal has been lodged.

‘Due to the work involved to assess each application, it may take a few months until we are able to notify tax (financial) advisers of the decision regarding their renewal applications. We give new tax practitioner applications a higher priority than renewals, so applicants, once registered, may start providing tax (financial) advice services and commence their business,’ he said.

Mr Taylor said that if a renewal application is accepted, the applicant will be registered for a period of at least three years from the date the TPB makes the decision rather than the date they lodged their renewal application.

He also emphasised that tax (financial) advisers who did not renew their registration must cease providing tax advice related to the financial services they provide for a fee or reward. They will need to lodge a new registration application and await a decision of their application before they can provide these services for a fee or reward in the future.

‘Significant penalties may apply for unregistered entities providing or advertising tax (financial) services or representing themselves as a tax (financial) adviser. If you suspect someone is acting illegally, please let us know via www.tpb.gov.au/makeacomplaint,’ Mr Taylor said.


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.

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Thursday, February 22, 2018