The AIOFP has reached the prerequisite number of individual members to apply for professional association status with the Tax Practitioners Board.
Since making changes to its constitution in 2015 allowing individual practitioner members for the first time, the lobby group for the independently-owned advice sector has now reached a membership size of more than 500, allowing it to apply for professional status with the TPB.
Recognition by the TPB would allow the AIOFP to be accredited as a “tax agent, BAS agent or tax (financial) adviser association”, meaning its members may not have to undergo additional education and compliance requirements to register as a tax (financial) adviser under the TASA regime.
AIOFP executive director Peter Johnston says the milestone allows the association to take the next step towards becoming a publicly-recognised professional association.
“The AIOFP will be submitting its application to the TPB to be accredited as a ‘professional association’,” Mr Johnston explained in an email to members.
“Our principle hold-up to this point has been the prerequisite to have a minimum of 500 members. The AIOFP started out as the practice [or AFSL holder] being the member not the individual, hence our change to individual membership last year.
“Pleased to say we are now at this level but the next ‘hurdle’ is a complying code of conduct to complete the application requirements.”
Members of the AIOFP will be voting on a draft Code of Conduct at its upcoming annual general meeting and putting a proposal to the TPB by the April deadline.
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