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Registering as a tax (financial) adviser - transitional option

Registering as a tax (financial) adviser – transitional option

The transitional option is available until 30 June 2017 to Australian financial services (AFS) licensees and representatives to apply for registration as a tax (financial) adviser.

Representative is defined in the Corporations Act 2001 and includes:

  • an authorised representative of the licensee,
  • an employee or director of the licensee,
  • an employee or director of a related body corporate of the licensee, or
  • any other person acting on behalf of the licensee.

Note: If you registered under the notification option, you cannot renew under the transitional option.

Requirements for transitional registration

You can apply for an individual, a company or a partnership registration as a tax (financial) adviser.

Registering as an individual

  1. You must be at least 18 years old.
  2. You must be a fit and proper person.
  3. You must have sufficient experience (the equivalent of at least 18 months of full-time experience) to be able to provide tax (financial) advice services to a competent standard.
  4. You maintain, or will be able to maintain, professional indemnity insurance that meets our requirements.

Registering as a partnership

  1. Each individual partner must be at least 18 years old.
  2. Each individual partner must be a fit and proper person.
  3. If a company is a partner:
  • each director of that company must be a fit and proper person
  • the company must not be under external administration
  • the company must not have been convicted of a serious taxation offence involving fraud or dishonesty during the previous five years.
  1. The partnership must have sufficient experience (the equivalent of at least 18 months of full-time experience) to be able to provide tax (financial) advice services to a competent standard.
  2. The partnership maintains, or will be able to maintain, professional indemnity insurance that meets our requirements.

Registering as a company

  1. Each director must be a fit and proper person.
  2. The company must not be under external administration.
  3. The company must not have been convicted of a serious taxation offence or an offence involving fraud or dishonesty during the previous five years.
  4. The company must have sufficient experience (the equivalent of at least 18 months of full-time experience) to be able to provide tax (financial) advice services to a competent standard.
  5. The company maintains, or will be able to maintain, professional indemnity insurance that meets our requirements
     

Applying for registration

Individuals, partnerships and companies must complete an application online and provide the supporting documentation.
 

Checklist - Information needed to apply to register
  • Verification of sufficient experience to be able to provide tax (financial) advice services to a competent standard. We suggest using our verification letter template
  • Professional indemnity insurance policy details (if already covered):
    • policy number, name of insurer, start and end date of the pollicy and the amount of cover.
    • if the applicant is covered by the policy of another registered tax practitioner, the registered tax practitioner's name and registration number.
  • Tax file number (TFN) and/or Australian Business Number (ABN). (Providing TFN is not mandatory but will assist us in processing the application.)

 

Application fee

You must pay the application fee in full before you submit your application for registration:

  • $400 – if you are carrying on a business as a tax (financial) adviser
  • $200 – if you are not carrying on a business as a tax (financial) adviser.

For information on making a payment refer How to pay
 

After lodging your application

We will advise you after the decision is made to either grant or reject your application for registration.

If your application is granted:

  • you will be registered for a period of at least three years from the date we make our decision
  • details of your registration will appear on the TPB register
  • if you have not already done so, you must advise us of how you meet our professional indemnity insurance requirements within 14 days of being notified that you are registered
  • we will notify the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO) that you are now registered with us.

 If your application is rejected:

  • we will advise you of the reasons for our decision and of your appeal rights
  • we will notify ASIC and ATO of our decision to reject your application.
     

Renewing your registration

You must apply to renew your registration at least 30 days before it expires to continue providing tax (financial) advice services.

You must meet the standard registration requirements to renew your registration.
 

Further information