Issue 24 | March 2018 - Tax (financial) adviser edition

Message from the Chair

As today marks the eighth anniversary of the establishment of the Tax Practitioners Board (TPB), I thought that it might be opportune to reflect on those eight years.
The TPB commenced operations on 1 March 2010 as an independent statutory body created under the Tax Agent Services Act 2009 (TASA) to register and regulate entities providing tax agent services in Australia.
In 2010 there were approximately 26,000 registered tax practitioners, comprised solely of tax agents. These practitioners were transitioned to the TPB regime on 1 March 2010.
Eight years on, over 76,800 tax practitioners are now registered with the TPB. This includes more than 19,100 tax (financial) advisers who started to join the regime in July 2014.
On 31 January, the TPB passed a significant milestone, with the end of transitional arrangements for tax (financial) advisers. From now on, all tax (financial) advisers need to meet the standard requirements for registration.

We enter our ninth year with a significantly increased workload. Tax (financial) adviser renewal requirements may impact on the service standards we have previously achieved for application processing and this will continue to be a real challenge for us in 2018.
Government reviews and initiatives currently underway or planned, that will impact the TPB and tax practitioners include the:
  • Black Economy Taskforce led by the Treasury
  • Inspector-General of Taxation (IGT) review into the future of the tax profession.
In our submissions to these reviews and initiatives we have made it clear that a focus on effective consultation and stakeholder engagement with tax practitioners will be required accordingly. The TPB will continue to provide support to registered practitioners in coping with any changes as a result of these reviews. We will keep you updated on the outcomes.

Renewal update
Over 13,000 tax (financial) advisers have submitted their renewal applications since July 2017. While we have made significant inroads into processing these renewals, it will still take some time for us to process this volume of applications.

Remember you remain registered with the TPB and can continue to provide services for a fee until we decide on your renewal application. If we require additional information from you, we will contact you via the details you provided in your renewal application. If your contact details change, you can update them via MyProfile.

There were a large number of tax (financial) advisers, approximately 6,000, who did not renew their registration by the deadline of 31 January. We have written to these entities to advise that they:
  • must cease providing tax advice related to the financial services (tax (financial) advice services) for a fee or reward, and
  • will need to lodge a new registration application if they wish to provide tax (financial) advice services for a fee or reward in the future. They cannot legally provide tax (financial) advice services until the new application is decided.
Significant penalties apply for advertising and providing tax (financial) services for a fee while unregistered.

Ian R Taylor
Chair, Tax Practitioners Board

Authorised representative changes

Are you an Australian financial services (AFS) licensee? If an authorised representative who is part of your AFS licensee sufficient number leaves your organisation, and it means that you no longer meet the sufficient number requirement, you need to let us know.

Read more in our FAQs

Notifiable Data Breaches scheme

The Notifiable Data Breaches (NDB) scheme, administered by the Office of the Australian Information Commissioner (OAIC) came into effect on 22 February 2018. This scheme requires organisations covered by the Privacy Act to notify the OAIC and affected individuals of eligible data breaches, for example, unauthorised access, loss or disclosure of personal information that could cause serious harm to the affected individual. It is important that all practitioners are aware of their potential responsibilities under this scheme.

Read more about the scheme

Annual declaration

Tax practitioners must complete an annual declaration every year, except the year of their registration renewal. We will send you an email before the due date with information about when and how to complete the declaration, make sure your email address is up to date.

Read more about annual declaration

Our webinars count for CPE/CPD

It is a registration requirement for tax (financial) advisers to undertake at least 60 hours of continuing professional education (CPE) or continuing professional development (CPD) over their three-year registration period. Get a head start on your CPE/CPD by attending one of our webinars. We offer a range of topics relevant to your registration as a tax (financial) adviser.

Register for a free webinar

Have your details changed?

If you have made changes to your registration details you must notify the TPB within 30 days. You can now use our simple online form to notify us, including changes to your:
  • practice structure
  • supervising tax practitioner/s
  • professional association details.
Update your details online

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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