One in five advisers risk losing TPB registration
Around 18 per cent of (financial) advisers due to renew their registration by 31 October have not received reminder emails, placing their registration in jeopardy, warns the Tax Practitioners Board.
Tax Practitioners Board chair Ian Taylor said of the 1,100 renewal reminder emails sent to tax (financial) advisers whose registration expires on 31 October, 18 per cent were undeliverable because the email address was invalid.
“These tax (financial) advisers registered under the notification option back in 2015, which meant they only needed to provide basic details at the time,’ said Mr Taylor.
“If they changed jobs or email addresses and did not update their details or mobile number with the TPB, their registration is in jeopardy because they haven’t received our renewal reminders.”
Where their registration with the TPB expires, they will no longer be able to legally charge for the tax advice they provide, he warned.
The Tax Agent Services Act 2009, he said, requires registered tax practitioners to notify the TPB within 30 days of their contact details changing.
With a further 13,700 tax (financial) adviser registrations due to expire on 31 January, Mr Taylor said the TPB is encouraging all tax (financial) advisers to ensure their email address and mobile number are up to date.
“With so many tax (financial) adviser registrations due to expire between now and January, it’s important that you act now and check that your contact details are up to date,” he said.
“It’s a simple thing but it could just save your registration and business.”