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Twenty-seven per cent of tax (financial) adviser notifiers did not renew in July

Thursday, August 24, 2017

Twenty-seven per cent of tax (financial) adviser notifiers did not renew in July

Over one quarter, or 27 per cent, of the 2,748 registered tax (financial) advisers due to renew their registration in July with the Tax Practitioners Board (TPB) did not do so, according to TPB Chair, Mr Ian Taylor.

‘Failing to submit a renewal application by the expiry date means the registration expires,’ Mr Taylor said. ‘If this applies to you, it is important that you advise your clients that you are no longer registered with the TPB and can no longer provide tax (financial) advice services.’

‘Under the Tax Agent Services Act 2009 (TASA) if you are providing a tax (financial) advice service for a fee or other reward, you must be registered with the TPB to be able to legally provide that service,’ he said.

‘If your registration expires, you have to submit a new application and wait for it to be approved before you can offer tax (financial) advice services for a fee or other reward,’ Mr Taylor added.

‘There are still 14,400 tax (financial) advisers who need to renew their registration, some as early as October 2017, so make sure you renew your registration on time so that you do not get caught out and jeopardise your practice.’

Unregistered entities may be liable for significant monetary penalties for:

  • providing a tax (financial) advice service for a fee or other reward
  • advertising the provision of tax (financial) advice services, or
  • representing themselves as a registered tax (financial) adviser.

Mr Taylor said the TPB will be sending out reminders to renew but in the meantime, tax (financial) advisers need to ensure that their contact details (emails) are up to date.
 

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. Follow us on Twitter @TPB_gov_au and LinkedIn