The Tax Agent Services Act (TASA) was passed in 2009 and the TASA regime commenced in March 2010 for tax agents and BAS agents. In 2014 financial advisers also became subject to TASA and are known under the Act as, ‘Tax (Financial) Advisers’.  Tax (financial) advisers (TFAs) are subject to specific education, experience and conduct requirements under the TASA regime.  For details click on the links below. The regulator for the TASA regime is the Tax Practitioners Board (TPB). www.tpb.gov.au

The AFA is a Recognised Tax (Financial) Adviser Association (RTFAA)

Being a member of a Recognised Tax (Financial) Adviser Association gives members access to a registration option (i.e. Item 304) that recognises experience. If you have 6 out of the last 8 years’ experience and are a member of a Recognised Tax (Financial) Adviser Association, you are not required to have completed the Australian Taxation Law or Commercial Law subjects. It is important to update your TPB member profile record to note your AFA association membership.

Important information you should know about Proof of Identity and the TPB’s Online Process

It may be beneficial to read the TPB’s Proof of Identity Fact Sheet as it is important that you register using the same information exactly as it appears on your identification documents, to avoid any issues when registering or renewing or lodging your annual declaration with the TPB via their online system.

What if you are a registered tax agent or BAS agent?

If you are registered as a tax agent or BAS agent, you will need to comply with the registration renewal requirements for a Registered Tax Agent or BAS Agent respectively.

If you are a fully registered tax agent or a registered tax agent with a condition of financial planning, your registration already covers the provision of tax (financial) advice services and there is no requirement to register as a TFA. However, you may still register as a TFA if you wish.

What happens if you leave it too late?

You must be registered with the TPB if you provide a tax (financial) advice service for a fee or other reward.

If you fail to renew your registration on time you will no longer be able to legally provide tax (financial) advice services for a fee or other reward. You must apply to renew at least 30 days before your registration expires.

As the Best Interests Duty requires advisers who provide personal financial advice to ensure that clients understand all of the relevant consequences – including taxation consequences – of their recommendations, this means you risk being sanctioned by the TPB if you provide personal advice after the deadline to renew without validly renewing.

TPB Registered Tax Practitioner Symbol

If your registration renewal application is approved, you will have access to the TPB Registered Tax Practitioner Symbol (more information about the symbol is available from the TPB’s website at www.tpb.gov.au or by contacting the TPB on 1300 362 829.

How can the AFA help?

The AFA is one of the TPB – Recognised Tax Financial Adviser Associations.  We are here to help AFA members understand what their obligations are. If you have any questions, contact our membership team at info@afa.asn.au.