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Issue 22 | September 2017 - Tax (financial) adviser edition

Message from the Chair

Over one in four (27 per cent) of the 2,748 registered tax (financial) advisers due to renew their registration in July with the Tax Practitioners Board (TPB) did not do so.

The issue attracted significant industry media coverage as the consequence for tax (financial) advisers of failing to renew means these entities can no longer provide tax (financial) advice services for a fee or reward.

There are still over 14,400 tax (financial) advisers that notified to register with the TPB who need to renew their registration - 1,600 by 31 October 2017 and 13,100 by 31 January 2018. If you are in this group, it is critical that you make sure your contact details, including your email address and mobile number (for SMS messages), are up to date on www.tpb.gov.au/myprofile. Around one in five renewal reminder emails sent to tax (financial) advisers whose registration expires on 31 October were undeliverable because the email address was invalid. Keeping these details up to date will significantly reduce the extent of bounce back emails and returned mail.  More importantly it ensures that you get appropriate notifications from the TPB.

If you are an AFS licensee, encourage your authorised representatives to update their details as a matter of priority.
 
If your registration expires and you have not applied to renew, you will have to submit a new application and wait for it to be approved before you can offer tax (financial) advice services for a fee or other reward.

Make sure you renew your registration on time so that you don't get caught out and jeopardise your practice.
 
Ian Taylor
Chair, Tax Practitioners Board

New Board appointments

Two new Board members, Peter de Cure and Ria Sotiropoulos, were appointed to the Board in July for a three year period. Peter is a professional company director who had a 25 year career with KPMG in Adelaide, bringing an expert understanding of the Australian tax system and the work of tax practitioners. Ria is an experienced tax barrister at the Victorian Bar who has practised in tax law for 17 years, bringing extensive tax and law experience. Current Board member Julie Berry was also reappointed for a period of three years.

Learn more

Beat the rush and renew early

If you are one of the 13,100 registered tax (financial) advisers who must renew your registration with the TPB by 31 January 2018, your last day to submit your renewal is 1 January 2018. Given this date is in a 'holiday period' there is an increased risk that the deadline might be missed. So beat the rush and renew now. You will avoid application processing delays that may occur in early 2018, and you will still be registered for at least three years until 31 January 2021.

Completing a Statement of relevant experience?

Watch our new video to understand how to correctly complete a 'statement of relevant experience' (SRE) form. If you are a new or renewal applicant as an individual tax (financial) adviser, you must complete an SRE when lodging your application to demonstrate you have the required experience. The SRE will generally need to be verified by a supervisor or other independent person.

Time is running out - Board approved courses

Time is running out if you need to complete a Board approved course in Australian taxation law and/or commercial law to meet the qualification and experience requirements to renew your registration with the TPB. If you need to complete a Board approved course, act now. 

Find your pathway

To renew your registration as an individual tax (financial) adviser you must meet the qualifications and experience requirements through one of four pathways:

Item Primary
qualification
Minimum relevant
experience
 301  Tertiary qualifications  12 months in the
last 5 years
 302  Diploma or higher award  18 months in the
last 5 years
 303  Work experience  3 years in the
last 5 years
 304  Voting membership of professional association  6 years in the
last 8 years

Use our online tool to check whether you meet the qualification and experience requirements to renew.

Outsourcing and offshoring guidance

Comments were invited on a draft TPB practice note which aims to raise awareness of and assist you to understand your obligations under the Code of Professional Conduct (Code) in relation to the use of outsourcing and offshoring. The closing date for comments is 12 October 2017.

Managing conflicts of interest

Under the Code, if you receive a financial incentive for making a referral or recommendation to a client you must appropriately disclose this potential conflict of interest to your clients. Failure to do so is a breach of the Code and may result in sanctions being applied by the TPB. Read more about managing conflicts of interest.

Free webinars

Maintain your knowledge and skills by attending one of our free webinars. Our webinars provide updates on all the latest news affecting your tax practitioner registration. You can claim one hour of continuing professional education for attending a TPB webinar.

Register now

Frequently asked questions

Read answers to some of the questions most commonly asked by tax (financial) advisers when registering or renewing their registration with the TPB.

Your feedback

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

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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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