Financial advisers have three months left to take advantage of the transitional arrangements for registering with the Tax Practitioners Board (TPB).
According to a statement from the TPB yesterday, advisers providing tax (financial) advice services as part of their financial advice to clients for a fee or reward must be registered with the TPB as a tax (financial) adviser.
If they are not registered with the TPB, they are operating illegally, the statement said.
The option to apply for the ‘transitional registration’ ends on 30 June. After that, advisers will have to opt for the ‘standard registration’, the statement said.
Some of the benefits of registering under the transitional option include less documentation required, more time to obtain qualifications and having until July 2020 to meet the full standard requirements, the TPB said.
“Individuals, if their registration is approved, will be registered for at least three years from the day the TPB makes its decision,” said TPB member and adviser Julie Berry.
“This then gives the individual at least three years to meet the full registration requirements, while also forming the sufficient number for their company or partnership’s registration if required.”
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