Go to top of page

TPB releases final policies for tax (financial) advisers

Monday, June 30, 2014

TPB releases final policies for tax (financial) advisers

The Tax Practitioners Board (TPB) has finalised a number of key documents that contain important information for tax (financial) advisers. These include what is a tax (financial) advice service, professional indemnity (PI) insurance requirements, and continuing professional education (CPE) for tax (financial) advisers.

From 1 July 2014, AFS licensees and authorised representatives who register as tax (financial) advisers are required to maintain PI insurance and complete continuing professional education that meets the TPB’s requirements.

The final policies include relevant examples to assist tax (financial) advisers to understand what is a tax (financial) advice service and ensure compliance with the TPB’s PI insurance and CPE requirements.

Cynthia Coleman, Acting Chair of the Tax Practitioners Board, said “These key guidance products will assist registered tax (financial) advisers to further understand their obligations under the Tax Agent Services Act 2009.”

The TPB released these documents as exposure drafts in March 2014 and invited comments and submissions. The TPB considered the submissions and has now published these final products. We would like to thank those who provided feedback for their contributions to the final documents.

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 Australian Securities and Investments Commission to manage the registration and regulation of tax (financial) advisers from 1 July 2014.

Contact: communications [at] tpb.gov.au (Communications) or 02 937 41000

Follow us on Twitter @TPB_gov_au