The looming start date for the new Tax Agent Services Act regime will see additional mandatory educational and CPD requirements imposed on advisers, the FPA has confirmed.
Speaking at the association’s national roadshow in Sydney yesterday, Financial Planning Association (FPA) general manager, policy and conduct, Dante De Gori explained that under the new regime “tax (financial) advisers”, i.e. those required to register with the Tax Practitioners Board (TPB), will be compelled to undertake a minimum of 60 hours of additional continuing professional development (CPD) over three years.
Most of the additional CPD will be “inclusive” of the CPD requirements already mandated by FPA members, Mr De Gori said, adding that “primary training”, however, will not meet the TPB criteria.
Mr De Gori – who has been actively involved in negotiations with Treasury, the TPB and other stakeholders on behalf of the FPA – also gave an update on the slated requirement for advisers to attain additional educational qualifications in commercial law, which he described as a “major point of contention” issues in the TASA debate.
While the TPB’s position on the commercial law course is not yet finalised, Mr De Gori said the discussion over proposed additional adviser education has “progressed significantly over recent weeks” and that draft regulations on this matter are forthcoming.
“It is very likely that advisers will be required to compete board-appointed courses in taxation law and commercial law,” Mr De Gori said.
“However, the FPA has been pushing hard for them to recognise experience, as members of an approved body such as the FPA,” he added.
“So hopefully if you have experience and are a member of an approved body you will not have to undertake additional legal qualifications.”
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