What is the new process for advisers who want to provide tax (financial) advice?
As of 31 December 2021, the TPB ceased registering financial advisers as tax (financial) advisers. Instead, individual advisers must now meet the requirements to be a qualified tax relevant provider (QTRP) and register on the Financial Adviser Register (FAR) as a QTRP to be authorised to provide tax (financial) advice.
The new process is being rolled out in two stages, with stage one starting on 1 October 2022 at the latest. During stage one, AFSL holders can apply to register advisers on the FAR as QTRPs.
However, transitional arrangements allow firms that were previously registered as tax agents to continue providing tax (financial) advice until 31 December 2025, during this time you must ensure you have completed the specified courses in commercial law and taxation law to continue providing tax (financial) advice past 31 December 2025.
For more help in understanding the requirements for relevant providers who provide tax (financial) advice services, see Flowchart: Can I provide tax (financial) advice services to retail clients?