A tax (financial) advice service consists of 5 key elements:

yes icon for row 1 - 1st element

tax agent service (excluding representations to the Commissioner of Taxation)

yes icon for row 2 - 2nd element

provided by an Australian financial services (AFS) licensee or representative of an AFS licensee

yes icon for row 3 - 3rd element

provided in the course of advice usually given by an AFS licensee or representative

yes icon for row 4 - 4th element

relates to ascertaining or advising about liabilities, obligations or entitlements that arise, or could arise, under a taxation law

yes icon for row 5 - 5th element

reasonably expected to be relied upon by the client for tax purposes.

 

For the definition of a tax (financial) advice service, see section 90-15 of the Tax Agent Services Act 2009.

Example of tax (financial) advice services

The following table contains a non-exhaustive list of the types of services commonly provided and whether they constitute a tax (financial) advice service.

Service
Any service specified by the TPB by legislative instrument to be a tax (financial) advice service.

Tax (financial)
advice service

Tick sign for row 2, column 2 (tax (financial) advice service)

Tax agent service

Tick sign for row 2, column 3 (tax agent service)

Personal advice (as defined in the Corporations Act 2001), including scaled advice and intra-fund advice, which involves the application or interpretation of the taxation laws to a client’s personal circumstances and it is reasonable for the client to expect to rely on the advice for tax purposes.

Tax (financial)
advice service

Tick sign for row 3, column 2 (tax (financial) advice service)

Tax agent service

Tick sign for row 3, column 3 (tax agent service)

Any advice (other than a financial product advice as defined in the Corporations Act 2001) that is provided in the course of giving advice of a kind usually given by a financial services licensee or a representative of a financial services licensee that involves application or interpretation of the taxation laws to the client’s personal circumstances, and it is reasonable for the client to expect to rely on the advice for tax purposes.

Tax (financial)
advice service

Tick sign for row 4, column 2 (tax (financial) advice service)

Tax agent service

Tick sign for row 4, column 3 (tax agent service)

Factual tax information which does not involve the application or interpretation of the taxation laws to the client’s personal circumstances. Such information could be included in, but is not limited to:

  • regulated disclosures such as product disclosure statements and financial services guides
  • other products such as general marketing and promotional materials.

Tax (financial)
advice service

Cross sign for row 5, column 2 (tax (financial) advice service)

Tax agent service

Cross sign for row 5, column 3 (tax agent service)

Client tax-related factual information. Such information includes, but is not limited to:

  • payment summaries
  • other documents such as annual summary of interest paid and account statements.

Tax (financial)
advice service

Cross sign for row 6, column 2 (tax (financial) advice service)

Tax agent service

Cross sign for row 6, column 3 (tax agent service)

General advice (as defined in the Corporations Act 2001).

Tax (financial)
advice service

Cross sign for row 7, column 2 (tax (financial) advice service)

Tax agent service

Cross sign for row 7, column 3 (tax agent service)

Any service that does not take into account an entity’s relevant circumstances so that it is not reasonable for the entity to expect to rely on it for tax purposes. This includes simple online calculators as defined in the Australian Securities and Investments Commission’s Class Order (CO 05/1122).

Tax (financial)
advice service

Cross sign for row 8, column 2 (tax (financial) advice service)

Tax agent service

Cross sign for row 8, column 3 (tax agent service)

Factual information provided by call centres and front line staff and specialists that would not be expected to be relied upon for tax related purposes.

Tax (financial)
advice service

Cross sign for row 9, column 2 (tax (financial) advice service)

Tax agent service

Cross sign for row 9, column 3 (tax agent service)

Preparing a return or a statement in the nature of a return (to provide this service would require registration as a tax agent).

Tax (financial)
advice service

Cross sign for row 10, column 2 (tax (financial) advice service)

Tax agent service

Tick sign for row 10, column 3 (tax agent service)

Preparing an objection under Part IVC of the Taxation Administration Act 1953 against an assessment, determination, notice or decision under a taxation law.

Tax (financial)
advice service

Cross sign for row 11, column 2 (tax (financial) advice service)

Tax agent service

Tick sign for row 11, column 3 (tax agent service)

A service specified not to be a tax agent service in section 26 of the Tax Agent Services Regulations 2022.

Tax (financial)
advice service

Cross sign for row 12, column 2 (tax (financial) advice service)

Tax agent service

Cross sign for row 12, column 3 (tax agent service)

Dealing with the Commissioner of Taxation on behalf of a client. This may include, for example, applying for a private binding ruling on behalf of a client.

Tax (financial)
advice service

Cross sign for row 13, column 2 (tax (financial) advice service)

Tax agent service

Tick sign for row 13, column 3 (tax agent service)

Service

Tax (financial)
advice service

Tax agent service

Any service specified by the TPB by legislative instrument to be a tax (financial) advice service.

Tick sign for row 2, column 2 (tax (financial) advice service)

Tick sign for row 2, column 3 (tax agent service)

Personal advice (as defined in the Corporations Act 2001), including scaled advice and intra-fund advice, which involves the application or interpretation of the taxation laws to a client’s personal circumstances and it is reasonable for the client to expect to rely on the advice for tax purposes.

Tick sign for row 3, column 2 (tax (financial) advice service)

Tick sign for row 3, column 3 (tax agent service)

Any advice (other than a financial product advice as defined in the Corporations Act 2001) that is provided in the course of giving advice of a kind usually given by a financial services licensee or a representative of a financial services licensee that involves application or interpretation of the taxation laws to the client’s personal circumstances, and it is reasonable for the client to expect to rely on the advice for tax purposes.

Tick sign for row 4, column 2 (tax (financial) advice service)

Tick sign for row 4, column 3 (tax agent service)

Factual tax information which does not involve the application or interpretation of the taxation laws to the client’s personal circumstances. Such information could be included in, but is not limited to:

  • regulated disclosures such as product disclosure statements and financial services guides
  • other products such as general marketing and promotional materials.

Cross sign for row 5, column 2 (tax (financial) advice service)

Cross sign for row 5, column 3 (tax agent service)

Client tax-related factual information. Such information includes, but is not limited to:

  • payment summaries
  • other documents such as annual summary of interest paid and account statements.

Cross sign for row 6, column 2 (tax (financial) advice service)

Cross sign for row 6, column 3 (tax agent service)

General advice (as defined in the Corporations Act 2001).

Cross sign for row 7, column 2 (tax (financial) advice service)

Cross sign for row 7, column 3 (tax agent service)

Any service that does not take into account an entity’s relevant circumstances so that it is not reasonable for the entity to expect to rely on it for tax purposes. This includes simple online calculators as defined in the Australian Securities and Investments Commission’s Class Order (CO 05/1122).

Cross sign for row 8, column 2 (tax (financial) advice service)

Cross sign for row 8, column 3 (tax agent service)

Factual information provided by call centres and front line staff and specialists that would not be expected to be relied upon for tax related purposes.

Cross sign for row 9, column 2 (tax (financial) advice service)

Cross sign for row 9, column 3 (tax agent service)

Preparing a return or a statement in the nature of a return (to provide this service would require registration as a tax agent).

Cross sign for row 10, column 2 (tax (financial) advice service)

Tick sign for row 10, column 3 (tax agent service)

Preparing an objection under Part IVC of the Taxation Administration Act 1953 against an assessment, determination, notice or decision under a taxation law.

Cross sign for row 11, column 2 (tax (financial) advice service)

Tick sign for row 11, column 3 (tax agent service)

A service specified not to be a tax agent service in section 26 of the Tax Agent Services Regulations 2022.

Cross sign for row 12, column 2 (tax (financial) advice service)

Cross sign for row 12, column 3 (tax agent service)

Dealing with the Commissioner of Taxation on behalf of a client. This may include, for example, applying for a private binding ruling on behalf of a client.

Cross sign for row 13, column 2 (tax (financial) advice service)

Tick sign for row 13, column 3 (tax agent service)

 

Last modified: 1 April 2022