Advisers reminded of new TASA obligations

ASIC has issued a statement to reiterate to financial advisers who provide tax advice their new obligation to register with the Tax Practitioners Board.

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by Reporter - July 04, 2014 0 comments

>The statement confirms that AFSL and Corporations Act obligations will remain unchanged under the new regime, but that ASIC is aware of a number of new requirements.

“Until 31 December 2015, AFS licensees and their authorised representatives who provide a tax (financial) service can either: notify the TPB to become registered as a tax (financial) adviser, or use a relevant disclaimer when they provide tax (financial) advice services for a fee or other reward,” the statement said, confirming a statement issued by the TPB earlier this week.

“This option is the first phase of the progressive introduction of registration of tax (financial) advisers that will continue over the next three years.”

ASIC Commissioner Greg Tanzer said the corporate regulator has been working in conjunction with the TPB and will continue to do so.