Do you need to be a registered (tax) financial adviser from 1 July 2014?
The Tax Agent Services Act 2009 (TASA) has been amended, heralding significant changes to the way financial planners are regulated. The changes cover registration, professional indemnity insurance and continuing education requirements for those providing a tax (financial) advice service. Financial services licensees and their authorised representatives (‘financial planners’) may be required to register with the Tax Practitioners Board (TPB) as registered (tax) financial advisers from as early as 1 July 2014.
Of particular concern to financial planners will be understanding the boundaries between providing purely financial product advice (which is not a tax [financial] advice service) and a tax (financial) advice service. Given the broad concept of ‘tax (financial) advice services’ and the relatively limited nature of the exemptions, most advisers are going to need to carefully consider their services to determine whether they need to register. Some transitional arrangements also apply…
Click on the link below to read the rest of the Minter Ellison briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Minter Ellison
News from The Lawyer
Briefings from Minter Ellison
The Independent Commission Against Corruption (ICAC) does not have power to investigate allegations that Ms Cunneen counselled a person to lie to police.
The first three months of 2015 were the strongest on record for mergers and acquisitions in the Asia Pacific according to Mergermarket data released this week.