Government finalises regulation for tax advice

AFA News 10 December 2021. On 6 December 2021, the Government registered the regulation that sets the education and training standard for Qualified Tax Relevant Providers (QTRPs). The regulation was broadly consistent with the draft that was issued in September, however the additional 5 hours of Technical – Tax-Related will now not start until the first CPD year commencing after 1 January 2023. This means that for an adviser authorised by a licensee that has a financial CPD year, the new CPD requirement will not apply until the CPD year covering the period 1 July 2023 to 30 June 2024.

This regulation also addressed the education standard for QTRPs and the transition arrangements for existing advisers.  QTRPs, subject to the transition arrangements discussed below, will be required to complete AQF 5 level courses in commercial law and taxation law.

The transition options are as follows:

  • For an existing adviser who is on the FAR immediately before 1 January 2022 and registered with the TPB as a tax (financial) adviser, they will be permanently exempt from this education requirement.
  • For an existing adviser who is on the FAR immediately before 1 January 2022 and applies to register with the TPB as a tax (financial) adviser before 1 January 2022, they will be exempt from the education requirement from when they are ultimately confirmed as being registered. Please note that they are not able to practice until the registration is confirmed (the TPB is expecting a one-month turnaround) and should they have their application rejected, then they would need to complete the education before being registered as a QTRP.
  • For all other existing advisers who are on the FAR immediately before 1 January 2022, however are not registered with the TPB, they will have four years to complete the commercial law and taxation law subjects.
  • Anyone who has previously completed a commercial law and taxation law subject recognised by the TPB will also be exempt from any further study.

This does open up the interesting question about what the implications are for someone who is an existing adviser, however is not on the FAR immediately before 1 January 2022.  This could include people on maternity leave or in transition between licensees. We are awaiting further guidance on this.

Please click here for a copy of the regulation and click here for the explanatory statement.

For any questions on the QTRP requirements please email

Issued 10.12.2021. AFA Policy & Education Update