ASIC has released new guidance for providers of tax advice services.
ASIC has released fresh guidance for providers of tax (financial) advice services following the introduction of the Financial Sector Reform Act 2021.
The act requires, among other things, that all financial advisers who provide personal advice to retail clients about relevant financial products be registered with ASIC by 1 January 2023.
Moreover, it requires that from 1 January 2022, financial advisers who provide, or intend to provide, tax (financial) advice services to retail clients for a fee must be a “qualified tax relevant provider” under the Better Advice Act.
According to the corporate regulator’s guidance, financial advisers providing tax advice will primarily be regulated by ASIC under the Corporations Act.
ASIC reminded that financial advisers who provide tax (financial) advice services are required to complete commercial law and taxation law courses unless one or more of the following transitional provisions applies:
For more information, click here.
Iress has issued an update denying the validity of “certain statements” made today by an alleged threat actor
ifa has learnt that a decision has not been made to refer to “qualified advisers” as “product advisers”
The AIOFP says it intends to challenge the “legal validity” of changes to the SIS Act that could prompt super fund ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin