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Relevant experience for tax (financial) advisers

Relevant experience for tax (financial) advisers

If you are applying to register or renew your registration as an individual tax (financial) adviser, you must have the required experience in providing tax (financial) advice services.
 

What is considered relevant experience

Relevant experience can include work:

  • as a registered tax agent or tax (financial) adviser
  • under the supervision and control of a registered tax agent or tax (financial) adviser
  • of another kind approved by the Board.

Your relevant experience must include ‘substantial involvement’ in:

  • one or more types of tax (financial) advice services, or
  • a particular area of taxation law to which one or more of those types of tax (financial) advice services relate.

‘Substantial involvement’ means ample or considerable involvement. It requires more than simply being involved from time to time in the provision of one or more types of tax (financial) advice services.  For example, this could include regular and frequent involvement in the taxation aspects relating to statements of advice.


Work of another kind

Work of another kind can include the experience you gained:

  • prior to 1 July 2014 that may have required you to register with the TPB as a tax agent but for the various carve outs that existed from 1 March 2010 to 30 June 2014
  • prior to the commencement of the tax agent services regime in March 2010 if you had provided tax advice in the context of financial advice
  • during the notification period (1 July 2014 to 31 December 2015) provided you used the relevant disclaimer.

We may also accept other types of relevant experience depending on the circumstances.
 

Amount of relevant experience required

The amount of relevant experience required will depend on your qualifications and the item in the Tax Agent Services Regulations 2009 under which you seek to register or renew your registration.

Regulation Item Primary qualification Amount of relevant experience
301 Tertiary qualification Equivalent of 12 months full-time in the preceding 5 years
302 Diploma or higher award Equivalent of 18 months full-time in the preceding 5 years
303 Work experience Equivalent of 3 years full-time in the preceding 5 years
304 Membership of professional association Equivalent of 6 years full-time in the preceding 8 years

 

Demonstrating your relevant experience

You must complete a 'Statement of relevant experience – tax (financial) advisers' (SRE) form to demonstrate your relevant experience. You will need to demonstrate your experience for the full period that is required for the relevant item in the TASR that you are applying under (see table above).

If you are relying on experience gained under the supervision and control of a registered tax agent or tax (financial) adviser, they must comment on your ability to provide tax (financial) advice services competently and verify the information you have provided in the form.

If you gained your relevant experience for the required period working under various employers or supervisors, you need to complete more than one SRE form.

If your experience includes ‘work of another kind’, you must explain in your SRE why it should be approved as ‘relevant experience’ and provide independent verification of your experience.

Alternatively, you can make a statutory declaration detailing the tax (financial) advice services provided including the reasons you are unable to provide an appropriately signed SRE. You must also provide independent verification of your experience.
 

Independent verification

Independent verification may include a reference from an individual(s) who is able to comment on your ability, type and amount of experience. These individuals may include:

  • an Australian financial services (AFS) licensee or authorised representative
  • a registered tax agent or tax (financial) adviser
  • an employer (current or former)
  • two of your colleagues or clients.

As the verification must be independent it should generally not be provided by family members.

The independent verification must include details such as:

  • the full name of the referee and their relationship to you
  • the start and end dates of the period being verified
  • the product areas on which you provided tax advice
  • whether your role included direct client contact
  • comments about your competency in providing tax (financial) advice service.
     

Further information

Last modified: 1 July 2017