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Registration for financial advisers and financial planners

TPB registration for financial planners and advisers

If you are a financial planner or adviser providing tax advice or advice on tax consequences as part of your financial advice to clients for a fee or reward, you must be registered with the TPB as a tax (financial) adviser in order to provide this service legally.

It is a breach of the civil penalty provisions contained in the Tax Agent Services Act 2009 (TASA) for individuals, companies and partnerships to provide tax (financial) advice services for a fee or other reward, or to advertise tax (financial) advice services, unless these entities are registered with the TPB. This applies to all entities, including:

  • Australian financial services (AFS) licensees 
  • authorised representatives (ARs), including – 
    • individual ARs
    • corporate authorised representatives (CARs).

Employee representatives may be required to be registered for the purpose of a company or partnership having a sufficient number of registered individuals - being registered tax (financial) advisers or tax agents.

Two registration options are available to you:

You have until 30 June 2017 to register under the transitional registration option which allows you until 2020 to meet the standard registration renewal requirements.

Under the transitional registration option, you must satisfy the TPB that you have sufficient experience to provide tax (financial) advice services to a competent standard. Sufficient experience is generally the equivalent of 18 months or longer of full time experience that is related to the provision of tax (financial) advice service or tax advice given in the context of financial advice.

Depending on your business structure you may need more than one registration with the TPB. For example, if an non-employee individual authorised representative provides a tax (financial) advice service and receives an amount that has been passed on by their AFS licensee and/or CAR (who may or may not retain a portion of that amount), the individual AR, the CAR and AFS licensee must be registered with the TPB.

Find out if transitional registration is the right option for you and your business.

Last modified: 23 March 2017