Tax Agent Services Act & Tax Practitioners Board

The Tax Agent Services Act (TASA) was passed in 2009 and the TASA regime commenced in March 2010 for tax agents and BAS agents. 

Financial advisers were initially given a 12-month exemption from the Act and the exemption was extended a number of times until 1 July 2014, when financial advisers became subject to TASA for the first time, as part of a three-year two-stage transition period. 

A new separate category of tax practitioner has been created for financial advisers, who are known under the Act as, ‘Tax (Financial) Advisers’.  Tax (financial) advisers will become subject to new education, experience and conduct requirements under the TASA regime.  The regulator for the TASA regime is the Tax Practitioners Board, who have been working closely with industry stakeholders to prepare financial advisers for operating under the TASA regime.

The history of our engagement on TASA is set out below:

26 Feb 2015 - AFA Submission to the TPB - Sufficient and Relevant Experience
19 Sept 2014 - AFA Submission to the TPB - Course Requirements
19 Aug 2014 - AFA Submission to the TPB - Fees and Sufficient Numbers
10 July 2014 - AFA submission to Treasury - Regulations
17 April 2014 - Joint AFA, FSC and ABA Submission to the TPB - 17 April 2014
12 July 2013 - Treasury Response - TASA Regulation
14 June 2013 - AFA PJC Submission - Tax Agent Services Act 
21 May 2013 - TPB response - Australian Tax Course
12 March 2013 - Treasury Submission: Tax Agent Services Act
 

AFA Members who registered with the TPB under the Notification Option should begin preparing for renewal of their registration. Click here for more information about renewing.