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Issue 18 | December 2016 - Tax (financial) adviser edition

Message from the Chair

As we approach the end of another year, I am pleased to reflect on the significant progress made by both the TPB and registered tax (financial) advisers in 2016.

At 30 November, we have 20,034 tax (financial) advisers now registered with the TPB, bringing our total number of registered tax practitioners to 76,064.

This year we have endeavoured to assist you to understand the requirements for renewing your registration and obligations under the Tax Agent Services Act 2009 (TASA).

We have worked with the Australian Securities and Investments Commission (ASIC) and professional associations to engage with you and promote awareness of the new regulatory arrangements that affect you.

In addition we have developed guidance to help you meet your obligations while facing the fundamental shifts in the tax practitioner environment, including the increasing use of cloud computing and digital interfaces.

Next year over 19,000 of you who registered under the notification option will come up for your first renewal, involving considerable additional administrative processing time.

During this time we will continue to refine our processes to ensure that the renewal process is as effective and as efficient as possible. This will include helping you to understand the qualifications and experience required to be eligible for renewal from mid-2017.

An Individual tax (financial) adviser renewal kit for individual authorised representatives (ARs) is now available. It has been prepared to assist individual ARs who notified to register with the TPB or their AFS licensee to:
  • determine whether the individual AR meets the registration renewal requirements
  • understand the renewal application process.
A Bulk tax (financial) adviser renewal guide for individual ARs who are eligible to participate in a bulk upload renewal process through their AFS licensee will be available soon. More details to come in the next edition of eNews.

Looking forward to 2017, we are consolidating the strategic direction of the TPB with our new corporate plan and we will continue to provide you with more information to guide and support you in providing highly competent services to your clients.

As we enter the next stage of your registration with the TPB, it is a challenging yet exciting time for all of us. Along with my fellow Board members, I look forward to working closely with you next year.

Office closure
Our offices close from noon (AEDT) on Friday 23 December and re-open on Tuesday 3 January. You can still use our online applications and website during this time.

Season's greetings
On behalf of the Board members, I trust you enjoy the  festive season, and look forward to a productive 2017.



Ian R Taylor
Chair, Tax Practitioners Board

New website launched

In our October edition we invited your feedback on our test website. After extensive consultation and user-testing, we have now launched the new TPB website. It features separate sections for tax agents, BAS agents and tax (financial) advisers. Please continue to provide feedback on how we can make our website easier for you to use.

Your registration renewal

As around 90% of tax (financial) advisers notified to register with us before 31 December 2014, most registrations are due to expire on 31 January 2018. If you notified between July and December 2015, you need to renew your registration by 30 June 2017 at the very latest. Read the Individual tax (financial) adviser renewal kit or talk to your AFS licensee. If you are unsure when your registration is due for renewal, check the TPB Register for your registration details.

Stay informed

You have an obligation under the Tax Agent Services Act 2009 to notify us of any changes in your contact details, including: 

  • email address 
  • phone number
  • postal address.
By keeping your contact details up-to-date you will stay informed of the latest TPB news and developments. Update your details online by using My Profile. Note that some of your details need to be updated separately on the ASIC website.

Webinars in the new year

Following the success of our 2016 webinar program we plan to offer a range of free webinars in 2017 to help you understand your obligations as a tax practitioner and to provide all the latest TPB news. You can claim up to one hour of continuing professional education for attending each webinar. Take a look at the February and March sessions and register now.

Register now

Protect your practice!

The TPB has received information that hackers may be targeting tax practitioners and their practices in an attempt to harvest personal information, commit identity fraud, or to launch ransomware and other malicious attacks. It is important to ensure you have sufficient IT controls in place to protect your client records. Find out how to protect the security and confidentiality of your client records and therefore meet your obligations under the Code of Professional Conduct.

Trust information sheet

Under the Tax Agent Services Act 2009 there is flexibility for a tax practitioner’s business, including that of a tax (financial) adviser, to be conducted through a trust structure. An updated information sheet about the registration considerations of this activity is now available.

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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