In a statement, Tax Practitioners Board chair Ian Taylor said “just over 19,000” advisers had been registered with the board before 31 December 2015, but only 13,000 of these had applied to renew their registration by the 31 January 2018 deadline.
However, Mr Taylor noted that many of those who did not renew their registrations were no longer representatives of AFSLs, and that the number of new registrations had brought the total in-line with its previous number.
“Although approximately 6,000 tax financial adviser notifiers did not renew their registration, we have had the same number of new tax financial advisers register through the transitional and standard registration options,” Mr Taylor said.
“Most of the tax financial adviser notifiers that did not renew were no longer representatives of an Australian Financial Services licensee. Others had notified to register when they did not need to, for example, or they did not actually provide tax financial advice services.”
Mr Taylor warned advisers who had not registered with the Tax Practitioners Board against providing tax advice, cautioning that “significant penalties may apply” to unregistered advisers who do provide tax advice.
What about those advisers that are now considered registered under the TaxPB registered AFSL and single TPB registered adviser, that can effectively oversee and authorise up to 20 non registered TPB advisers, to comply with the TPB ?
There is no category of person who is “considered registered”. Also there is no rule of “up to 20” for a TFA to oversee within an AFSL. Who is your AFSL and PDM?
We dont provide tax advice anyway. What a waste of money for us financial advisers
Really? So you don’t know the rate of tax payable on pre-tax contributions to super and you never discuss this with any client, ever?
Rubbish, general tax advice is inherent in all Financial Advice. Sure it’s a piss take additional fee but also necessary under current rules.
Probably an old risky
Regardless “your IP premium is tax deductable” is tax advise……..and careful, I’m a risky and take what I do very seriously.