Financial advisers providing tax advice

This section contains information for financial advisers who provide tax advice.

From 1 January 2016 financial advisers must be registered with the TPB to provide tax (financial) advice services for a fee or other reward.

What is a tax (financial) advice service?

A tax (financial) advice service consists of five key elements:

  1. a tax agent service (excluding representations to the Commissioner of Taxation)
  2. provided by an Australian financial services (AFS) licensee or representative of an AFS licensee
  3. provided in the course of advice usually given by an AFS licensee or representative
  4. relates to ascertaining or advising about liabilities, obligations or entitlements that arise, or could arise, under a taxation law
  5. reasonably expected to be relied upon by the client for tax purposes.

For the definition of a tax (financial) advice service, visit the Tax Practitioners Board (TPB) website or refer to section 90-15 of the Tax Agent Services Act 2009.

Registering as a tax (financial) adviser

From 1 January 2016, all AFS licensees and their representatives (as defined in the Corporations Act 2001) will be able to apply to register with the TPB if they meet the transitional or standard eligibility requirements. This applies to all representatives, not just authorised representatives, and includes:

  • employees or directors of the AFS licensee
  • employees or directors of a related body corporate of the AFS licensee
  • other individuals acting on behalf of the AFS licensee.

More information

Register as a tax (financial) adviser

Visit the TPB's registering page.

 

Frequently asked questions

The TPB have developed some frequently asked questions to help financial advisers who provide tax advice.

What's new

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Last updated: 20/10/2014 12:00