Issue 19 | February 2017 - Tax (financial) adviser edition

Message from the Chair

This is shaping up to be a milestone year for financial planners and advisers as well as for the Tax Practitioners Board (TPB).

If you provide tax (financial) advice to clients for a fee or reward, you must be registered with the TPB as well as licensed with the Australian Securities and Investments Commission (ASIC). This applies to:
  • Australian financial services (AFS) licensees
  • authorised representatives (ARs)
    • individual authorised representatives
    • corporate authorised representatives (CARs), noting that when an AR operates through a CAR structure both will need to be registered
  • employee representatives who may be required to be registered for the purpose of a company or partnership having a sufficient number of registered individuals (these can be registered tax (financial) advisers or tax agents).
Our current focus is on highlighting the need to register and to retain registration with the TPB, including the development of renewal kits and continuing outreach activity.

It is a breach of the civil penalty provisions contained in the Tax Agent Services Act 2009 (TASA) for any entity (including individuals, companies and partnerships) to provide a tax (financial) advice service for a fee or other reward, or to advertise that you will provide tax (financial) advice services, unless you are registered with the TPB.

If you are still not registered with the TPB, you may decide that the transitional registration is the best option as it gives you extra time to satisfy the registration requirements under the standard option. This includes:
  • individuals meeting qualification and experience requirements
  • companies and partnerships meeting the sufficient number requirement
  • full registration application and documentation not required until 2020.
This registration option is only available until 30 June, after which time you must register under the standard option.

During 2017 and early next year, we will process around 19,000 renewals for those of you who registered with the TPB under the notification option which was available up until 31 December 2015.

If you registered under this notification option, you should be preparing for your renewal through the standard registration option now.

We will send you an invitation to renew 60 days before your registration expires using the contact details we have for you on the TPB Register.

All renewal applications must be lodged at least 30 days before the registration expiry date. However, you are free to renew your registration at any time beforehand.

If you do not know if you are registered, check the TPB Register. If you are registered but unsure when your registration is due for renewal, check your details on My Profile.

Ian R Taylor
Chair, Tax Practitioners Board

Time is running out

If you have not yet registered and want to take advantage of the TPB's transitional registration option, you must apply by 30 June 2017. Not only does transitional registration allow you more time to obtain the required qualifications and experience, you will have until 2020 to submit a standard application. Find out if transitional registration is the right option for you and your business.

Your registration renewal

As an authorised representative you must renew your registration directly with the TPB unless your AFS licensee advises that you are being included in a bulk renewal process. Apply to renew your registration by completing an online application. More information about the individual renewal application process is available in the individual tax (financial) adviser renewal kit.  We are also aware that there may be a number of AFS licensees who are yet to register with the TPB. We will be making contact in coming months with AFS licensees who potentially need to register with the TPB.

Join our first webcast

Be part of our first webcast on Thursday 9 March at 4.30pm AEDT when Ian Taylor, TPB Chair and Julie Berry, Board member and registered tax (financial) adviser, discuss everything you and your business needs to know about renewing your registration. Ian and Julie will answer your questions live on the day. The webcast counts towards your continuing professional education/development. Webcasts are live-streamed, so you don't need to register beforehand but do make a diary note so you don't miss this event. Visit our webcast page for details. 

Hobart information session

If you live in Hobart, why not register for our free information session from 11am-12pm at the Hotel Grand Chancellor on Wednesday 1 March? The session will cover what you need to know about renewing your registration with the TPB and why you need to be registered. It includes:

  • registration requirements (including for CARs)
  • registration options and how AFS licensees are involved in the registration process.
Ian Taylor will discuss these topics and you will have an opportunity to ask questions. Attendance at this session will count towards one hour of continuing professional education/development for TPB purposes.
Register now

All in the details

Do you know it is a requirement of your registration to provide us with your latest contact details? Ensuring you have provided us with up-to-date information means you will receive important TPB updates and also meet your registration requirements. To ensure we have your latest details, review your contact information on the TPB website under My Profile. You must also update your business and service address details held by ASIC. Please allow up to 10 days for details you have given ASIC to appear on the TPB system. 

New renewal kit

A company and partnership tax (financial) adviser renewal kit will soon be available to accompany the individual tax (financial) adviser renewal kit.  It assists company or partnership AFS licensees and CARs who notified to register with the TPB to:

  • determine if they meet renewal requirements
  • understand the renewal application process.

Board appointments

The Government is seeking expressions of interest for TPB Board member appointments. For more information refer to The Treasury website.

Your feedback

We invite your feedback on topics or issues you would like us to address in future editions of TPB eNews.


About the Tax Practitioners Board
The Tax Practitioners Board (TPB) was established to regulate tax practitioners in order to protect consumers. The TPB assures the community that tax practitioners meet the appropriate standards of professional and ethical conduct.
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