Advisers warned on TPB transitional registration option

The Tax Practitioners Board has issued a reminder to financial advisers to take advantage of the transitional registration option before it ends on 30 June.

Financial advisers who are providing tax (financial) advice as part of their services to clients for a fee or reward must be registered with the TPB as a tax (financial) adviser, according to a statement yesterday.

This rule applies to AFSLs and individual and corporate authorised representatives.

It also applies to employee representatives who may be required to be registered for the purpose of a company or partnership having a sufficient number of registered individuals, being registered tax (financial) advisers or tax agents, the statement said.

“You currently have two options available to register as a tax (financial) adviser. These options are transitional registration (only available until 30 June) and standard registration,” said TPB chair Ian Taylor.

“To register under the transitional option you must have sufficient experience to be able to provide tax (financial) advice services to a competent standard – which is generally the equivalent of 18 months or longer of full time experience.

“If you wish to take advantage of the transitional registration option, it is only available until 30 June this year. After this time all registrations and renewals will need to meet the standard registration requirements.”

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