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Newsletter from the Tax Practitioners Board.
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Tax Practitioners Board newsletter
  ISSUE 16  //  August 2016  //   Tax (financial) adviser edition  
 

Message from the Chair

Are you prepared to renew your registration as a tax (financial) adviser under the standard option?

We have started a series of conversations with tax (financial) advisers around the country about the outlook for the coming year and how to get a head start in planning for renewal.

We will be meeting with a number of AFSLs and representatives to continue our education program to assist people in understanding the requirements for renewal and recognise that TPB registration is mandatory if you want to be a full service financial adviser.

In coming months we will start contacting tax (financial) advisers whose registration is about to expire. Find out when your registration needs to be renewed.

Now is a good time to start familiarising yourself with what we will require of you to process your standard option registration renewal application. For example, an area you may need to consider is whether you need to complete further study?

You must meet the standard qualifications and experience requirements when you renew your registration and demonstrate you have completed the relevant continuing professional education.

To help you we have developed an online decision tree tool which you can use to check if you satisfy these requirements.

More information about your obligations as a registered tax (financial) adviser is available from our website. For assistance email tfa@tpb.gov.au

Greg Lewis
Acting Chair, Tax Practitioners Board

 

IN THIS ISSUE

 

Join our free webinar

Join our free webinar 'Getting ready to renew your tax (financial) adviser registration' on Tuesday 23 August. Webinars can count towards meeting your continuing professional education obligations and provide a great opportunity to ask questions of Board members.

Register now

 
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Meet us in October

Previously the TPB has held free face-to-face events in Brisbane, Gold Coast, Adelaide and regional South Australia. Similar presentations featuring new content are planned for Sydney (October 18,19) and Melbourne (October 25, 26) to provide an update on professional practice and emerging issues affecting tax agents, BAS agents and tax (financial) advisers. TPB Board members will participate in panel discussions to answer your questions.

Register now

 
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Are you carrying on a business?

We have revised the definition of 'carrying on or not carrying on a business' to provide clarity around these terms.

  • You are said to be 'carrying on a business' as a tax (financial) adviser if you provide tax (financial) advice services for a fee or other reward. A fee includes an amount, part or all of which is payable via a third party. For example, an authorised representative receives an amount that has been passed on by their Australian financial services licensee and/or corporate authorised representative.
  • You are said to be 'not carrying on a business' as a tax (financial) adviser if you provide services on behalf of another registered tax practitioner (such as your employer) and do not charge or receive a fee or other reward.
Visit Terms explained on our website
 
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Your 'Registered tax practitioner' symbol

If you have registered or renewed your registration under the standard option, you are able to download and use your Registered tax practitioner symbol. We will advise you in our approval letters confirming your registration or registration renewal, if you are eligible to download and use your symbol.

Visit www.tpb.gov.au/symbol

 
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Are your contact details up to date?

Make sure your contact details are up-to-date so that our reminders reach you on a timely basis. Look out for emails from the Tax Practitioners Board and check your spam folder and email filter so you don't miss important messages. You can make sure you receive our requests and reminders by adding these addresses to your email contacts list or address book.

Update your contact details

 
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Draft Code of Professional Conduct information sheets

Thank you to those stakeholders who have made submissions to the TPB regarding the four Code of Professional Conduct information sheet exposure drafts:

  • Acting lawfully in the best interests of clients for tax (financial) advisers
  • Reasonable care to ascertain a client's state of affairs for tax (financial) advisers
  • Reasonable care to ensure taxation laws are applied correctly for tax (financial) advisers
  • Having adequate arrangements for managing conflicts of interest for tax (financial) advisers.

We are currently reviewing the submissions and will provide an update in due course. 

 
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What would you like covered in eNews?

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

Provide your feedback

 
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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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© Copyright 2016. You are free to adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the TPB or the Commonwealth endorses you and any of your services or products).