The Tax Practitioners Board has warned that a fifth of financial advisers may lose their TPB registration, adversely impacting their ability to generate revenue.
Of the 1,100 renewal reminders the TPB recently sent to “tax (financial) advisers” whose registration is due to expire at the end of October, 18 per cent were undeliverable due to invalid email addresses, the board has announced.
“Around one in five tax (financial) advisers may not know their Tax Practitioners Board (TPB) registration is about to expire on 31 October and that they will no longer be able to legally charge for the tax advice they provide,” said a TPB statement.
TPB chairman Ian Taylor warned advisers that they need to provide updated contact details to the board within 30 days of a change.
“If you are an Australian financial services (AFS) licensee, remind your authorised representatives to update their details,” Mr Taylor said.
However, compliance consultant Brett Walker of Smart Compliance has previously told ifa that the TPB and associations the FPA and AFA have misinformed their members, overinflating the number that need to comply with the regulation.
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