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…

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