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CPD set to increase under TASA

Financial advisers looking to provide tax advice will have to undertake an additional 60 hours of CPD under the TASA regime.
The Tax Practitioners Board (TPB) has released an exposure draft in line with the requirement in the Tax Agents Services Act (TASA) that 'tax (financial) advisers' "undergo a certain minimum number of hours of tax related continuing professional education (CPE) per year as determined by the Board".
While acknowledging that the services provided by tax (financial) advisers are a "subset" of those rendered by tax agents, the TPB said it is of the "preliminary view" that 60 hours of CPE over three years is appropriate.
The completion of the CPE within three years of registration will be a "registration renewal requirement", said the TPB.
"The TPB anticipates that its CPE requirements will also instigate and drive the future development of CPE activities by various associations and organisations for the registered tax (financial) adviser profession," it said.
However, the TPB does not intend to offer CPE courses itself – or, indeed, to accredit or approve such courses.
"Registered tax (financial) advisers should exercise their professional judgement in selecting relevant CPE activities to be completed," said the TPB.
The closing date for submissions to the TPB on the exposure draft is April 6.