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Why we may terminate your registration tax (financial) adviser

Why we may terminate your registration as a tax (financial) adviser

Some of the reasons why we may decide to terminate your registration are:

Not meeting an ongoing registration requirement

There are certain requirements that you need to meet to become and remain registered as a tax (financial) adviser. If you registered under the transitional option, this includes continually being an Australian financial services (AFS) licensee or a representative of an AFS licensee.

If you cease to meet these requirements your registration may be terminated.

For information on registration requirements refer to:

An event occurs that affects your continued registration

We may terminate your registration if any of the following events occur:

  • you are convicted of a serious taxation offence
  • you are convicted of an offence involving fraud or dishonesty
  • you are penalised for being a promoter of a tax exploitation scheme
  • you are penalised for implementing a scheme that has been promoted on the basis of conformity with a product ruling in a way that is materially different from that described in the product ruling
  • you become an undischarged bankrupt or go into external administration
  • you are sentenced to a term of imprisonment.

For more information refer to Events that may affect your continued registration as a tax (financial) adviser
 

Breaching a condition of registration

If we have imposed a condition on your registration and you breach that condition, we may terminate your registration.

If you want to have your condition varied or removed, you need to complete an application.

For further information refer Imposing conditions
 

Breaching the Code of Professional Conduct

The Code of Professional Conduct (Code) regulates your personal and professional conduct as a registered tax (financial) adviser. If, following an investigation, we find that you have failed to comply with the Code, we may impose one or more administrative sanctions, including termination of your registration.

For more information refer Failing to comply with your tax (financial) adviser obligations
 

A company is no longer registered with ASIC

If your tax (financial) adviser company is no longer registered with the Australian Securities and Investments Commission (ASIC) and ceases to exist according to ASIC records, then your company's registration may be terminated.
 

Notice of termination

 If we decide to terminate your registration, we will:

  • provide written notice to you within 30 days of the decision
  • provide you with reasons for the decision
  • include the period during which you will not be eligible to apply for registration, if applicable
  • advise you of the date your registration will cease (usually 35 days from the date we notify you)
  • provide information on your rights of review
  • notify the Commissioner of Taxation and/or ASIC of the date your registration ceases.

If your registration has been terminated, it will be recorded on the TPB Register, unless your registration was terminated because you surrendered it.

The record remains on the TPB Register for 12 months from the day registration was terminated.
 

Obligations before your registration ceases

You should advise your clients that you are no longer a registered tax (financial) adviser, to allow them to make alternative arrangements for the tax (financial) advice services you previously provided.

You should ensure your clients' affairs are finalised before your registration ceases.

If you are passing on your clients' affairs to be managed by another registered tax practitioner, you must ensure you have obtained your clients' permission to do so. For further information refer TPB(I) 32/2017 Code of Professional Conduct - Confidentiality of client information for tax (financial) advisers
 

Your rights of review

You can apply to the Administrative Appeals Tribunal for a review of our decision. For further information refer Reviewable decisions – administrative appeals
 

Further information

For further information refer:

 

Last modified: 29 August 2017