Tax Practitioners Board invites comment on proposed taxation law course for tax (financial product) advisers
On 8 February 2013, Treasury released exposure draft legislation and an accompanying short paper outlining the framework for the proposed regulation of tax (financial product) advisers by the Tax Practitioners Board (TPB).
Under the proposed regulatory framework, from 1 July 2013 any entity providing tax advice (financial product) services will need to register under transitional arrangements with the TPB.
Once relevant transitional arrangements expire, one of the proposed registration requirements will be for individuals to have completed a course in Australian taxation law that is approved by the Board.
The TPB has published an exposure draft proposed guideline (draft guideline) outlining the proposed requirements for a course in Australian taxation law for tax (financial product) advisers.
This draft guideline includes information about topics and learning outcomes, course duration, course providers, education level and assessment. It is recognised that eligibility requirements are not yet settled and could affect the final form of the draft guideline.
The TPB draft guideline is open for comment until 21 May 2013.
Ian Taylor, Chair of the TPB said “I would encourage tax practitioners and other stakeholders to provide their comments. In the meantime, the TPB will continue to consult with professional associations, education providers and our other stakeholders on this draft guideline.”
The draft guideline can be found at www.tpb.gov.au
Submissions on the draft guideline can be made to tpbsubmissions [at] tpb.gov.au
The Tax Practitioners Board currently regulates tax and BAS agents to protect consumers. The TPB aims to assure the community that tax and BAS agents meet appropriate standards of professional and ethical conduct. These standards will need to be maintained in respect of the registration of tax (financial product) advisers in the future.