Treasury’s draft regulations specifying the registration requirements for tax (financial) advisers to register with the Tax Practitioners Board (TPB) are a positive step for the industry, according to the SMSF Professionals’ Association of Australia (SPAA).
The draft regulations propose appropriate registration requirements for financial advisers who want to register with the TPB to provide tax advice that is integral to financial advice, SPAA senior manager, technical and policy, Jordan George said.
“The draft regulations allow voting members of a recognised professional association with six years’ relevant experience to register as a tax (financial) adviser without further need to complete TPB-approved courses in tax and commercial law,” Mr George said.
“As a recognised tax agent association, we would expect the TPB to accredit SPAA as a recognised tax (financial) adviser association and the association will make an application to the TPB soon,” he said.
“It means SPAA SSAs that have six years’ relevant experience in providing tax (financial) advice services will not need to undertake TPB-approved courses in tax or commercial law.”
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