Tax Practitioners Board – Concessions in response to COVID-19

AFA News 10 September 2020.  The TPB has previously announced that given the COVID-19 challenges faced by many, they have provided concessions and relaxed some regulatory requirements during 2020. They have recently announced that some of these concessions will be extended.

The concessions are:

Annual declarations – The TPB has temporarily waived the requirement to complete an annual declaration. This means, if you have an annual declaration due on or before 31 December 2020, you will not be required to submit it. Click here for Annual Declaration information.

Continued professional education (CPE) – All registered tax (financial) advisers must complete CPE that meets the TPB requirements and you need to provide the evidence of this to the TPB at the time of your registration renewal.  Professional Reading is normally capped at 25% of your total CPE, however this cap has temporarily been removed until 31 December 2020. Unfortunately, this relief may not be relevant to financial advisers, as the FASEA standards are more demanding.

Renewal applications – If you are unable to lodge your renewal application before your registration expires, you need to contact the TPB to ensure you remain registered.

Click here to read TPB COVID-19 news in full.

Please remember, as a registered tax (financial) adviser, you need to maintain your registration and comply with the Tax Practitioners Board Code of Professional Conduct.

Click here for information on Maintaining your registration. Click here to review the TPB Code.

Issued 10.09.2020. AFA Policy & Education Update