The Tax Practitioners Board (TPB) has released much-anticipated guidance about which financial advisers will be required to comply with Tax Agent Services Act (TASA) obligations from July 2014.
In a YouTube video uploaded today, TBP chair Ian Taylor speaks directly to the financial advice community outlining the definition of “tax financial advice”, indicating which advice professionals will be required to register with the TPB from July, as stipulated by the TASA legislation.
“A tax financial advice service must consist of five key elements as follows: firstly it must be a tax agent service, excluding representations to the Commissioner of Taxation,” Mr Taylor said.
“Secondly, it is provided by an Australian Financial Services Licensee or representative.
“Thirdly, it is provided in the course of advice usually given by an Australian Financial Services Licensee or representative.
“Fourthly, it relates to ascertaining or advising about liabilities, obligations or entitlements that arise, or could arise, under a taxation law.
“Finally, it is reasonably expected to be relied upon by the client for tax purposes.”
Mr Taylor said the TPB will be writing to AFSL holders in the near future to provide more information, and that the TPB will ultimately be “taking action” against advisers that should be registered but have not complied with the requirement.
Watch the YouTube video below:
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