Financial advisers providing tax advice
From 1 January 2022, if you are a relevant provider who provides, or intends to provide, tax (financial) advice services to retail clients for a fee, the following apply:
- You must be a 'qualified tax relevant provider' under the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 (Better Advice Act). This requires that you have met each of the applicable requirements set out in the Corporations (Relevant Providers—Education and Training Standards) Determination 2021 (Relevant Providers Determination).
- You must be listed on the Financial Adviser Register as a relevant provider and registered with ASIC from 1 July 2023 (as announced by Government on 1 November 2022). You will no longer have to be registered with the Tax Practitioners Board as an individual tax (financial) adviser. The Tax Practitioners Board will not accept applications to be registered as an individual tax (financial) adviser after 31 December 2021.
- You will primarily be regulated by ASIC under the Corporations Act (with the Financial Services and Credit Panel operating as the single disciplinary body for all financial advisers who provide personal advice to retail clients on relevant products).
For more information about these requirements, see Information Sheet 268 FAQs: Regulation and registration of relevant providers who provide tax (financial) advice services (INFO 268).
Additional information, including information specific to non-relevant providers, can be found on the Tax Practitioners Board's website.
